Chairman Yoon Se-young of Taeyoung: "Contingent liabilities at 2.5 trillion won... Will do my utmost if given a chance"

Attended Creditor Briefing for 3 Days... "Overconfidence in PF, Management's Mistake"
"Difficult to Revive Taeyoung Without Workout Approval," Pleads

Yoon Se-young, the founding chairman of Taeyoung Group, who personally attended the creditor briefing session for Taeyoung Construction, emphasized that the contingent liabilities related to Taeyoung Construction's workout (corporate rehabilitation) application amount to around 2.5 trillion KRW, and highlighted that the company is capable of generating annual sales exceeding 3 trillion KRW over the next three years.

On the 3rd, Chairman Yoon stated in an appeal at the first creditor briefing held at the Industrial Bank of Korea headquarters in Yeouido, Seoul, "Recent reports mentioned that the real estate project financing (PF) scale is 9 trillion KRW, but the contingent liabilities are about 2.5 trillion KRW." Approximately 400 representatives from creditor institutions attended the briefing.

Chairman Yoon also emphasized that Taeyoung Construction's order backlog exceeds 12 trillion KRW and that its operating profit margin of 4% is superior compared to the industry average. He explained, "If given the opportunity to properly complete projects and repay debts, all employees will exert their utmost efforts. Currently, the order backlog exceeds 12 trillion KRW, and sales of over 3 trillion KRW are possible over the next three years."

He added, "The operating profit margin of 4% is better than the average of top companies in the same industry," calling it a "promising company."

At the same time, he acknowledged management's mistakes, stating that overconfidence in real estate PF led to the crisis of default. Chairman Yoon confessed, "Over the past few years, we achieved good results in PF projects and proved their potential. However, overconfidence led to negligence in self-management, causing a painful default crisis due to management's mistakes. Without workout approval, it will be difficult to revive Taeyoung."

The briefing held ahead of the first financial creditors' meeting scheduled for the 11th was arranged to confirm Taeyoung Construction's self-rescue plan and discuss the operational standards for future negotiations.

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