Builder May Get New Foreign Loans

Creditors of Hyundai Engineering and Construction Co. plan to ask foreign financial institutions to make new loans available to Hyundai, a creditor official said Tuesday. The creditors said a total of sixteen foreign institutions already have extended $660 million in loans to Hyundai.

"To smoothly carry out debt-equity swaps for Hyundai, parties involved, including foreign creditors and minority shareholders, need to shoulder certain parts of the burden," said the creditor official. The creditors expect the foreign institutions to give a positive opinion on the request, the official said.

In response to investment trust companies that oppose swapping Hyundai's bonds for equities, "We can come up with other ways for the investment trust companies to share losses if laws or rules make it difficult for the companies to convert debt for equity," the official said.