2024-01-09 08:19:08
[비즈니스포스트] KDB Korea Development Bank, Taeyoung Construction’s main creditor bank, evaluated Taeyoung Group’s additional self-rescue plan positively.
On the 9th, the Korea Development Bank said in a statement regarding the additional self-rescue plan for Taeyoung Construction’s workout, “Creditors positively evaluate the additional self-rescue plan announced by Taeyoung Group and the affiliates’ willingness to fulfill their responsibilities.”
▲ Korea Development Bank, Taeyoung Construction’s main creditor bank, evaluated Taeyoung Group’s additional self-rescue plan positively.
This morning, Taeyoung Group founding chairman Yoon Se-hyung and Chairman Yoon Seok-min confirmed the creditors’ position and announced a new position statement and self-rescue plan regarding the workout progress.
Regarding this, the Korea Development Bank said, “Taeyoung Group showed its commitment to normalization by lending 89 billion won of the unexecuted portion of the proceeds from the sale of Taeyoung Industry to Taeyoung Construction the morning before.”
He continued, “The announcement that we will provide SBS shares as collateral to creditors to secure Taeyoung Construction’s liquidity is a starting point for the affiliates and Taeyoung Group to restore trust.”
However, creditors, including Korea Development Bank, announced a policy to suspend the workout process if affiliates and Taeyoung Group do not adhere to any of the promised self-rescue plans or if additional insolvency is discovered during the investigation.
The Korea Development Bank previously conveyed its position to Taeyoung Group on the 5th regarding the implementation of the group’s existing self-rescue plan.
At the time, creditors, including the Korea Development Bank, emphasized that Taeyoung Group, which was responsible for the insolvency, did not implement the plan to normalize Taeyoung Construction and prioritized maintaining management rights, which violated the restructuring principle of fulfilling management responsibilities.
He then emphasized that responsibility and self-rescue efforts are necessary to start the workout, and urged that all possible measures be presented.
The Korea Development Bank asked, “Please make efforts to minimize damage to stakeholders such as partners, adopters, and creditors by carrying out your responsibilities for the self-rescue plan.” Reporter Kim Ho-hyeon
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