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The vice chief of Korea's financial regulator highlighted the country's strong economic conditions Tuesday, saying the economy is entering a recovery phase while its financial market remains very stable.
Creditors of debt-ridden Taeyoung Engineering & Construction were set to make a decision Thursday on whether to allow the ailing builder to move forward with a debt restructuring program.
The founder of debt-ridden Taeyoung Engineering & Construction on Tuesday drew up a fresh self-rescue measure, repeating his appeal for creditors to allow the ailing builder to enter a debt restructuring program.
The government called on troubled Taeyoung Engineering & Construction on Monday to present additional self-rescue measures to gain the trust of creditors and initiate a debt workout process, the finance ministry said.
Taeyoung Engineering & Construction filed for corporate debt restructuring, prompted by a failed payment of 48 billion won ($37 million) on a project financing debt due Thursday. ...