Risk Insurer Gets More Money

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Risk Insurer Gets More Money

Korea Housing Guarantee Co. will get a capital infusion of 1.84 trillion won ($1.4 billion) by July from its 22 creditors and the government's housing funds, the creditors said Thursday.

The creditors, including the Construction Ministry and commercial bank H&CB, will take equity in exchange for 560 billion won worth, or 26 percent, of Korea Housing's debts. The rest of the package, 1.28 trillion won, will come from state housing funds. The infusions would increase Korea Housing's capital to 723 billion won, and its guarantee capacity would rise to 50.6 trillion won. The cash-short firm's liabilities now exceed its assets by 1.1 trillion won.
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