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South Korea unveils steps to quicken real estate project finance restructuring
businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
Distressed Korea Builder Taeyoung Faces Debt Restructuring Vote
bloomberg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloomberg.com Daily Mail and Mail on Sunday newspapers.
Creditors of Taeyoung Engineering & Construction on Tuesday approved a massive capital reduction plan designed to support the builder currently undergoing a debt restructuring program. More than 75 percent of the builder's creditors agreed to the plan to reduce major shareholders' stakes at a 100-to-1 ratio without compensation. The plan, proposed by Taeyoung's main creditor, Korea Development Bank.
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