Kamco-Busan District Court Support Rehabilitation Companies' Recovery Through Business Agreement

On the 22nd, at the Busan District Court General Building, Moon Seong-yu, President of KAMCO (right), and Jeon Sang-hoon, Chief Judge of the Busan District Court, signed a "Business Agreement for Efficient Support of Rehabilitation Procedures for Companies" and took a commemorative photo.
[Photo by Korea Asset Management Corporation]

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) announced on the 22nd that it signed a "Business Agreement for Efficient Support of Rehabilitation Companies' Restart" at the Busan District Court Complex.

This business agreement was established to help court rehabilitation companies that have competitiveness but face difficulties in raising funds in the financial market to restart their businesses. Going forward, both organizations will mutually cooperate to support business normalization through ▲recommendation of rehabilitation companies eligible for support ▲fund lending to rehabilitation companies ▲support for asset purchase and lease programs ▲private investment matching.

KAMCO plans to assist rehabilitation companies in a direction that supports business normalization rather than focusing on debt recovery through consultations with creditors and other stakeholders. In addition to court-recommended companies, KAMCO will also play a role in proactively identifying companies to support through its own monitoring of rehabilitation companies.

To this end, KAMCO will strengthen the "Package-type Rehabilitation Company Financial Support Program" implemented by its subsidiary, KAMCO Corporate Support Finance. This program is a joint support program provided by KAMCO, the Small and Medium Business Corporation, and SGI Seoul Guarantee, combining new fund lending and preferential guarantees to rehabilitation SMEs with technological capabilities and growth potential. At the end of last year, it supported 52 companies with 36.3 billion KRW.

Moon Sung-yoo, President of KAMCO, emphasized, "Among rehabilitation companies, there are many with excellent technological capabilities but are marginalized by the financial market simply because they are rehabilitation companies," adding, "KAMCO will continue to actively cooperate with the courts to create successful restart cases of rehabilitation companies and contribute to revitalizing the economy."

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