Ssangyong E&C’s creditors vow huge cash injectionCreditor banks of a cash-strapped local builder said yesterday they will provide 130 billion won ($116.9 million) to help the firm turn itself around.
The creditors, led by Hana Bank, will extend the loan to Ssangyong E&C, which is currently up for sale after it was released from a creditor-led debt workout program in October 2004.
The move came on the heels of a recent liquidity injection worth 70 billion won by state-run debt-clearer Korea Asset Management (Kamco) last month. It owns a 38.8 percent stake in the builder. Market watchers said the latest round of financial assistance is expected to improve the capital base of the company.
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