Sae-Do-Yak Fund to Acquire 28 Billion Won in Long-Term Delinquent Bonds from Genesis
Estimated 5,200 Debtors
Collection to be Halted and Debt Restructuring Support Provided After Enrollment Process
The Sae-Do-Yak Fund will purchase long-term delinquent bonds held by Genesis Special Purpose Company (SPC). The aim is to halt the collection of unsecured personal overdue bonds that has continued since Genesis was established in 2011, and to begin providing financial support procedures for debtors.
Korea Asset Management Corporation (KAMCO) announced on May 15 that it has decided to acquire the long-term delinquent bonds held by Genesis SPC for the Sae-Do-Yak Fund. According to KAMCO, A-One Asset Loan Management, which owns 100% of Genesis, expressed its intention to join the Sae-Do-Yak Fund the previous day. Genesis's assets are estimated to be around 28 billion won, with approximately 5,200 debtors. Most of these are identified as long-term delinquent bonds that have been overdue for more than seven years.
The specific details of the bonds held and the amount that can be sold will be finalized through due diligence in the future. After the due diligence, KAMCO plans to proceed with the process of joining the Sae-Do-Yak Fund and to move quickly to purchase the bonds and suspend collection, thereby providing support measures for debtors as soon as possible.
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The Sae-Do-Yak Fund is a debt restructuring program established to support vulnerable debtors who are unable to return to normal economic activities due to long-term delinquency. The program works by acquiring long-term non-performing loans and then reviewing the debtor's repayment ability, applying measures such as debt relief or adjustment to support recovery. This decision comes after criticism that Genesis has continued to collect a large volume of unsecured personal overdue bonds for an extended period since its establishment in 2011. KAMCO plans to determine the scope of acquisition and support after conducting due diligence on Genesis's bonds.
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