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Financially troubled state-run energy firms face tougher restructuring – The Korea Times

Financially troubled state-run energy firms face tougher restructuring April 28, 2021  A special task force of experts on Wednesday advised the government to roll out intensified belt-tightening moves on troubled state-run resource firms, amid growing concerns that their financial health may further deteriorate down the road. The state-run Korea National Oil Corp. (KNOC) lapsed into complete capital erosion in 2020 as its liabilities exceeded its assets due to continued losses. KNOC’s liabilities stood at 18.64 trillion won (US$16.7 billion) as of the end of last year, up nearly 514 billion won from 2019. Korea Resources Corporation, another financially troubled state-run resource firm, also saw its capital base fully eroded last year.

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