Se-young Yoon, Founding Chairman of Taeyoung Group, "Wholehearted Efforts for Early Workout Graduation"

Yoon Se-young, the founding chairman of Taeyoung Group, stated on the 2nd, "I will devote all my efforts to successfully graduating early from the workout process."

Yoon Se-young, Founding Chairman of Taeyoung Group / Photo by Taeyoung Group

In his New Year's greeting to the group's executives and employees on the same day, Chairman Yoon said, "To not betray the expectations of all parties, including the creditors, our on-site partner companies and their families, beneficiaries, and prospective residents, I, as the founder, will devote all my efforts."

Chairman Yoon returned to the position of CEO last month at the age of ninety as Taeyoung Construction faced management difficulties. He explained the background of applying for the workout by saying, "In December last year, the employees of Taeyoung Construction and the holding company worked tirelessly day and night to overcome the critical crisis of bankruptcy and court receivership, but due to the frozen real estate financial market, there were limits to overcoming the liquidity crisis."

He added, "Although last year's operating profit is expected to be considerable, it is very regrettable and unfortunate that we have to apply for the workout to prevent a technical default, but at this point, this is the best method." He also said, "Although applying for the workout is disgraceful, if Taeyoung Construction overcomes the crisis through this, this system will ultimately become a great gift."

Chairman Yoon emphasized that during times when both individuals and companies face increasing difficulties due to financial market instability, one must not lose sight of 'principles.' He urged, "Rather than seeking an easy way because it is difficult, let's keep to the principles even if it is hard," and asked everyone to reflect on whether (the executives and employees) had missed or forgotten things that must be kept, such as honesty, principles, humility, and moderation, and to return to the original intention from 50 years ago and start anew."

Taeyoung Group started from 'Taeyoung Development,' which Chairman Yoon founded in 1973.

Concluding his greeting, Chairman Yoon said, "I also offer my apologies and requests to the people," adding, "As the founder, I am sorry that today's situation has come about due to negligence in properly overseeing Taeyoung Construction commensurate with its scale. I earnestly ask for your continued love and support for Taeyoung Construction."

This content was produced with the assistance of AI translation services.