Taeyoung Engineering & Construction's shares were suspended Wednesday due to its negative net asset balance amid debt restructuring.
The Korean government will not use public funds to finance the ailing Taeyoung Engineering and Construction. It urged the company to implement self-rescue plans and gain creditors' trust in order to resolve its liquidity crisis.
Taeyoung E&C has received an injection from parent company TY Holdings in a bid to secure creditor approval for the firm's debt workout program. Creditors will reach a final decision on the proposal Thursday.
The chief of Korea's financial regulator criticized the self-rescue plan proposed by cash-strapped Taeyoung Engineering & Construction (E&C), pushing the mid-sized construction company to come up with a better proposal by this weekend.
Taeyong E&C, Korea's 16th-largest builder, has filed for debt restructuring, raising concerns about the construction industry's debt crisis.
Toshiba’s case brings the moment of truth for Korean companies, educational institutions, government and politics.
Korean retailers are pushing for voluntary resignations to slim down their workforces amid a prolonged period of tough trading.
Finance Minister Choo Kyung-ho called on the National Assembly on Wednesday to reenact the now-defunct corporate restructuring act that makes it easier for insolvent companies to begin an out-of-court debt restructuring program.
If the president applies his bulldozing style to structural reform, his supporters will return.
Seoul’s Unification Ministry said Wednesday it plans to reduce staffing in departments that oversee inter-Korean exchanges in order to downsize amid a deepening freeze in relations with Pyongyang.
Korea JoongAng Daily Sitemap