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Troubled mid-sized builder Taeyoung Engineering & Construction (E&C) agreed to lay off 22 senior executives and cut salaries by up to 35 percent for the remaining ones, as part of self-rescue efforts to facilitate a corporate debt workout program, according to the firm’s main creditor, Friday. ....
Major construction firms have replaced their chief executives with financial experts in recent weeks to brace for a prolonged industry downturn, according to industry officials, Sunday. ....
Creditors of debt-ridden Taeyoung Engineering & Construction Co. were set to make a decision Thursday on whether to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing loans. The state-ru. ....
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. ....