Saemaeul Geumgo Decides to Extend Maturity of 'Le Pied Cheongdam' Bridge Loan
The maturity of the 'Le Pied Cheongdam' bridge loan, which heightened concerns in the real estate project financing (PF) market, has been extended.
According to the financial sector on the 5th, the creditors' council of the 'Le Pied Cheongdam' bridge loan, including Saemaeul Geumgo, decided to extend the maturity of the bridge loan worth a total of 464 billion KRW until May next year.
Originally, Saemaeul Geumgo, the senior creditor (holding 39% of the bonds), opposed the maturity extension citing lack of project feasibility, but reversed its position after internal deliberations.
Saemaeul Geumgo is reported to have changed its stance after accepting conditions proposed by the project operator Miraein, including partial interest repayment and expedited Seoul city permit processing.
'Le Pied Cheongdam' is a project to develop the site of Prima Hotel in Cheongdam-dong, Gangnam-gu, Seoul, into a luxury residential complex.
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The maturity of the bridge loan was August 16, but the issue arose as Saemaeul Geumgo opposed the extension.
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