Taeyoung Construction Secures 400 Billion KRW in New Funding Injection

Industrial Bank of Korea, the main creditor bank of Taeyoung Construction, will provide new funding of 400 billion KRW.

On the 15th, the Industrial Bank of Korea announced that the agenda of the 2nd Financial Creditors' Council, which was proposed, met the approval requirement with more than 75% of financial creditors' consent as of 6 PM on the same day.

With all proposals approved, the creditors' group plans to support Taeyoung Construction with a 400 billion KRW credit line. This is to cover Taeyoung Construction's funding shortfall and support its business activities until a corporate improvement plan is established.

Repayment of the discounted foreign currency loan was also decided. Taeyoung Construction's 45.1 billion KRW foreign currency loan will be repaid immediately, enabling partner companies to secure liquidity.

The Industrial Bank of Korea stated, "Along with the creditors' new funding support, Taeyoung Group is also proceeding with self-rescue plans such as asset securitization of Blue One," and added, "Funds raised through the self-rescue plan will be lent to Taeyoung Construction by the end of February." The bank plans to continuously monitor Taeyoung Group to ensure faithful implementation of the self-rescue plan.

Regarding the delay in handling Taeyoung Construction's PF project sites, the bank explained, "Since the progress and creditor group composition differ by project site, there is a delay compared to the original schedule, but most project sites are expected to submit handling plans to the main creditor bank by the end of February," and added, "The due diligence firm for Taeyoung Construction will conduct due diligence reflecting these handling plans."

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