Korea Unveils Steps to Speed Up Real Estate Debt Restructuring
- About 3,000 firms sign agreement on debt restructuring
- Firms can speed up restructuring if conditions are met
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South Korea is taking steps to accelerate restructuring of troubled real estate projects involving project financing, to prevent another debt crisis after last year’s turmoil.
A group of about 3,000 financial companies involved in project financing signed an agreement that will enable them to swiftly discuss extending debt maturities, supplying new funds and taking other debt restructuring steps if projects appear to be in trouble, the Financial Services Commission said in a statement Thursday.