'Financial Difficulties' Gangwon-do Development Corporation Enters Emergency Management System Starting with 'Asset Sales'...

Debt Ratio Below 200%, Target to Reduce Financial Liabilities by 200 Billion KRW
Selected 7 Emergency Management Strategic Tasks, Discovering High-Efficiency New Businesses

O Seung-jae, President of Gangwon Development Corporation, Visits Alpensia Site [Gangwon Development Corporation]

[Asia Economy Reporter La Young-chul] Gangwon-do Development Corporation has declared a 'Joint Labor-Management Emergency Management' and is embarking on management normalization.

The corporation stated on the 16th, "After the inauguration of the new president Oh Seung-jae last month and about a month of assessing overall issues, we judged that management innovation is urgent."

Following the sale of Alpensia, the corporation plans to take the management transition period as an opportunity to improve the corporation's structure, aiming for a 'debt ratio below 200% and a reduction of financial debt by 200 billion KRW.'

To this end, seven strategic tasks have been selected: ▲sale of unnecessary assets ▲improvement of financial structure ▲reduction of operating expenses (20% budget adjustment) ▲establishment of a performance-oriented organizational culture ▲strengthening of major disaster prevention activities ▲discovery of high-efficiency new businesses ▲expansion of public interest agency projects.

In particular, a TF (Regional Development Promotion Team) at the corporation level will be newly established in preparation for the launch of Gangwon Special Self-Governing Province to enhance organizational capabilities through work improvement.

Along with the relocation of Gangwon Provincial Office, local government station area projects, and promotion of joint cooperation projects with private investors, an emergency management committee chaired by the president will be held weekly to focus on performance inspection and major status management.

Since the development of Alpensia Resort, the corporation has faced liquidity issues and implemented government management improvement orders, resulting in the sale of Alpensia Resort and restructuring due to over ten years of deteriorating management.

The corporation has also struggled with its core tasks such as housing supply, industrial complex development, and promotion of its own new projects.

President Oh Seung-jae said, "We are entering company-wide emergency management to proactively respond to internal and external changes in the corporation's management environment," adding, "In times of crisis, we will move away from a defensive stance and instead use this as a leap forward to fundamentally improve the corporation's management structure."

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