Taeyoung Engineering & Construction (E&C) Company, South Korea’s 16th largest builder has introduced a new self-rescue plan. The company filed for a debt restructuring program on Dec. 28. The company’s founder, Yoon Se-young, announced on Tuesday the measure in a televised press conference, highlighting the intent to offer Taeyoung Group’s shares of terrestrial TV network SBS and TY Holdings as collateral. This move is part of Taeyoung’s broader strategy to gain entry into a debt restructuring program, addressing the liquidity crisis spurred by real estate project financing loans.

Korea Development Bank, Taeyoung’s main creditor, has been cautiously optimistic in its response, regarding the initiative as a crucial step toward regaining market trust. Taeyoung faces challenges amid high interest rates and a faltering property market, with outstanding real estate project financing loans amounting to $2.4 billion (3.2 trillion won).