[비즈니스포스트] Korea Development Bank KDB, Taeyoung Construction’s main creditor bank, positively evaluated Taeyoung Group’s additional self-rescue plan.
On the 9th, the Korea Development Bank said in a statement regarding the additional self-rescue plan for the exercise of Taeyoung Construction, “Creditors positively evaluate the additional self-rescue plan announced by Taeyoung Group and the willingness of the associates to fulfill their responsibilities.”
▲ Korea Development Bank, Taeyoung Construction’s main creditor bank, positively evaluated Taeyoung Group’s additional self-rescue plan.
This morning, Taeyoung Group founding chairman Yoon Se-hyung and Chairman Yoon Seok-min confirmed the creditors’ position and issued a new position statement and self-rescue plan regarding the progress of the exercise.
Regarding this, the Korea Development Bank said, “The Taeyoung Group showed its commitment to normalization by borrowing 89 billion earned from the unutilized 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 ensure the liquidity of Taeyoung Construction is a starting point for the related companies and Taeyoung Group to restore trust.”
However, creditors, including Korea Development Bank, announced a policy to suspend the exercise process if affiliated companies and Taeyoung Group do not adhere to any of the promised self-rescue plans or if additional insolvencies are found during the investigation .
The Korea Development Bank previously conveyed its position to Taeyoung Group on the 5th regarding the implementation of its current self-rescue plan.
At the time, creditors, including the Korea Development Bank, stressed that Taeyoung Group, which was responsible for the insolvency, was not implementing the plan to normalize Taeyoung Construction and prioritize maintaining management rights, which violated the restructuring principle of fulfill management responsibilities.
He then emphasized the need for responsibility and self-rescue efforts to start the exercise, and urged that all possible measures be introduced.
The Korea Development Bank asked, “Make efforts to minimize the damage to stakeholders such as partners, adopters, and creditors by fulfilling your responsibilities for the self-rescue plan.” Reporter Kim Ho-hyeon
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