Distressed Korean Builder Taeyoung to Reveal Reform Proposal
- Korea Development Bank to address other creditors Tuesday
- Deal needs to win approval of holders of at least 75% of debt
The Taeyoung headquarters in Seoul.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Creditors of South Korea’s Taeyoung Engineering & Construction Co. will soon be able to learn details of the distressed builder’s restructuring proposal.
Korea Development Bank, the company’s main creditor, will hold an information session with 18 other creditors on Tuesday afternoon to reveal Taeyoung’s restructuring plans for the first time, according to a spokesperson at KDB. The information will include an assessment of the builder’s project financing sites, ways to increase capital and management plans, the spokesperson said.