Taeyoung Construction Workout Initiated... Over 75% Consent from Creditors
Taeyoung Construction's workout (corporate financial restructuring) has been confirmed to commence.
The fate of Taeyoung Construction, which applied for a workout (corporate restructuring) after failing to repay real estate project financing (PF) loans worth around 9 trillion won, will be decided on the 11th. The photo shows the Taeyoung Construction headquarters in Yeongdeungpo-gu. Photo by Jo Yongjun jun21@
View original imageOn the 11th, creditor financial institutions including the Korea Development Bank held the '1st Financial Creditors' Meeting' and agreed to initiate the workout for Taeyoung Construction through a vote (written resolution).
The condition for starting the workout is the consent of 75% of creditors (based on the reported claims amount to the Korea Development Bank).
The voting is scheduled to continue until midnight of the same day.
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Creditors will express their approval or disapproval via fax or email. The results of the workout vote will be announced on the 12th.
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