The South Korean government said Friday that it will put utmost efforts into minimizing the fallout from Taeyoung Engineering and Construction's debt-restructuring program, amid growing concerns that it could lead to liquidity constraints across the industry. “The creditors, led by the main lender, Korea Development Bank, plan to discuss ways to normalize Taeyoung E&C's business while adhering to .
The South Korean government said Thursday that it will seek to normalize the business of Taeyoung Engineering and Construction, which applied for a debt-restructuring program on the same day, under the premise of the construction firm’s intense self-rescue efforts. Earlier in the day, Taeyoung E&C, the 16th-largest builder in the country in terms of construction capacity, applied for a debt workout with its.
Intensifying difficulties in the domestic construction industry have prompted two founders of two medium-sized construction firms to return to management despite their advanced ages, according to industry officials, Thursday.