Hyundai Unit Gets Bond Help
The creditors of Hyundai Engineering & Construction Co. decided Tuesday to put the finishing touches on financial aid to the ailing-company following the Korea Credit Guarantee Fund's decision to guarantee 750 billion won ($575 million) worth of Hyundai convertible bonds.Officials from the fund notified the creditors that they would guarantee the three-year convertible bonds, but will not take over the bonds that fail to be converted into stocks.
As a result of the conditional agreement, the creditors will gather the heads of banks in the near future and discuss having the banks take over the bonds that failed to be converted.
with the Korea JoongAng Daily
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