SK, bank sign off on plans to restructure

SK Group yesterday struck a deal with its main creditor bank, Hana Bank, on restructuring plans. The group will set up a restructuring team within a month. The new team will deal with restructuring efforts other than those connected with the scandal-ridden SK Networks. The step is expected to spur the fourth largest group’s disposal of its financial subsidiaries, industry analysts said. The restructuring team will seek ways to reduce the debt-to-equity ratio of the group, which has risen recently because of the turmoil involving SK Networks, a company official said. The team also wants to redirect the group’s efforts to its three main areas: energy and chemicals under SK Corp., information technology led by SK Telecom and logistics under SK Networks. The newly launched team will also oversee the sales of SK Securities, SK Life Insurance, and SK Investment Trust Management. Mirae Asset Securities reportedly has its eye on the latter firm. “With the launch of a restructuring team, SK will be able to speed up restructuring of its subsidiaries,” said an official from Hana Bank. SK Group recently unveiled its group-wide restructuring plans, under which the company will reduce the number of its subsidiaries from 60 to about 20. by Kim Hyo-jin