30 conglomerates on the new highly-indebted list

Home > Business > Finance

print dictionary print

30 conglomerates on the new highly-indebted list

Korea’s financial regulator said Tuesday it has placed 30 highly-indebted conglomerates under closer watch for debt reductions in order to prevent defaults.

According to the Financial Supervisory Service (FSS), the conglomerates that owe more than 1.57 trillion won ($1.32 billion) to local banks have been designated heavy corporate debtors this year. This compares with 31 such groups last year.

Hankook Tire, Hanjin Heavy Industries & Construction and shipping firm Sinokor were removed from the list as they sold off affiliates and paid off debts amid restructuring.

Dongwon Group and top shipping firm Hyundai Merchant Marine were included on the list for the first time, the FSS said.

The outstanding amount of the 30 business groups’ combined loans totaled 237.7 trillion won as of the end of 2018, the FSS said.

“Their main creditor banks plan to evaluate the financial stability of the selected 30 groups within the first half of 2019,” the FSS said in a statement. “According to the evaluation results, the banks will sign a restructuring and turnaround agreement with financially vulnerable groups.”

Yonhap

More in Finance

5-day winning streak ends as Kospi drops 0.62 percent

Debt is the latest hot product being pushed into the market

China's WeChat Pay and Seoul's Zero Pay now interoperable

Kospi sets another all-time high as optimism continues

Kim Kwang-soo named as sole candidate to head banking federation

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now