{"id":2203387,"date":"2024-01-10T08:00:53","date_gmt":"2024-01-09T23:00:53","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203387"},"modified":"2024-01-09T18:07:10","modified_gmt":"2024-01-09T09:07:10","slug":"south-koreas-major-builder-turns-to-asset-collateral-amid-soaring-debts","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/01\/south-koreas-major-builder-turns-to-asset-collateral-amid-soaring-debts\/","title":{"rendered":"South Korea\u2019s major builder turns to asset collateral amid soaring debts"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Taeyoung Engineering &amp; Construction (E&amp;C) Company, South Korea\u2019s 16th largest builder has <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20240109080200003?section=economy\/all&amp;site=major_news01\"><span style=\"font-weight: 400;\">introduced<\/span><\/a><span style=\"font-weight: 400;\"> a new self-rescue plan. The company filed for a debt restructuring program on Dec. 28. The company\u2019s founder, Yoon Se-young, announced on Tuesday the measure in a televised press conference, highlighting the <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20240109099800003?section=economy\/all&amp;site=major_news01_related\"><span style=\"font-weight: 400;\">intent to offer<\/span><\/a><span style=\"font-weight: 400;\"> Taeyoung Group\u2019s shares of terrestrial TV network SBS and TY Holdings as collateral. This move is part of Taeyoung\u2019s broader strategy to gain entry into a <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20240108004351320\"><span style=\"font-weight: 400;\">debt restructuring program<\/span><\/a><span style=\"font-weight: 400;\">, addressing the <\/span><a href=\"https:\/\/www.chosun.com\/english\/industry-en\/2023\/12\/28\/KBFDS7HUQBALPPZR6QKCSRCFYE\/\"><span style=\"font-weight: 400;\">liquidity crisis<\/span><\/a><span style=\"font-weight: 400;\"> spurred by real estate project financing loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Korea Development Bank, Taeyoung\u2019s main creditor, has been <\/span><a href=\"https:\/\/news.einfomax.co.kr\/news\/articleView.html?idxno=4294206\"><span style=\"font-weight: 400;\">cautiously optimistic<\/span><\/a><span style=\"font-weight: 400;\"> 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).<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Taeyoung E&amp;C\u2019s self-rescue plan, involving pledging SBS and TY Holdings shares as collateral, is a critical step in addressing its liquidity crisis and regaining creditor confidence. This move, amid the government\u2019s <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/news\/2024-01-08\/business\/finance\/Korean-government-will-not-bail-out-debtridden-Taeyoung-EC\/1953502\"><span style=\"font-weight: 400;\">previously stated reluctance<\/span><\/a><span style=\"font-weight: 400;\"> to bail out the company with public funds, highlights the company\u2019s need to demonstrate a solid commitment to restructuring.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the plan is essential for Taeyoung to secure the necessary creditor approval for its debt workout, it also reflects the broader systemic risks in South Korea\u2019s <\/span><a href=\"https:\/\/www.koreatimes.co.kr\/www\/biz\/2024\/01\/602_366401.html\"><span style=\"font-weight: 400;\">project financing loan-heavy construction sector<\/span><\/a><span style=\"font-weight: 400;\">, with the company\u2019s liquidity crisis serving as a potential indicator of the construction industry\u2019s health.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although finance minister Choi Sang-mok <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20240108004300320\"><span style=\"font-weight: 400;\">remarked<\/span><\/a><span style=\"font-weight: 400;\"> on Monday that Taeyoung E&amp;C\u2019s application for a debt-restructuring program would have a \u201climited\u201d impact on the construction industry, major securities firms presented a <\/span><a href=\"https:\/\/news.einfomax.co.kr\/news\/articleView.html?idxno=4293950\"><span style=\"font-weight: 400;\">contrasting short-term outlook<\/span><\/a><span style=\"font-weight: 400;\"> of the company\u2019s self-rescue plan\u00a0 \u2014 ranging from confidence in the collateral to expressing caution about having to set aside emergency reserves.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Taeyoung Engineering &amp; Construction (E&amp;C) Company, South Korea\u2019s 16th largest builder has introduced a new self-rescue plan. The company filed for a debt restructuring program on Dec. 28. The company\u2019s founder, Yoon Se-young, announced on Tuesday the measure in a televised press conference, highlighting the intent to offer Taeyoung Group\u2019s shares of terrestrial TV network [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2203388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2203387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s major builder turns to asset collateral amid soaring debts - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/01\/south-koreas-major-builder-turns-to-asset-collateral-amid-soaring-debts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s major builder turns to asset collateral amid soaring debts - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Taeyoung Engineering &amp; Construction (E&amp;C) Company, South Korea\u2019s 16th largest builder has introduced a new self-rescue plan. 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