(Bloomberg) — The distressed builder thats revived concerns about project finance crises in South Korea has gotten major creditors on board with its restructuring plan.
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Those creditors of Taeyoung Engineering & Construction, whose projects include a baseball stadium and amusement parks, agreed Wednesday that the companys planned restructuring could proceed if the plans are implemented as proposed. Taeyoung E&C faces a Thursday deadline to decide with creditors whether to move forward with restructuring talks. The builders push to restructure debt has already led to warnings of broader insolvency risks and prompted government officials to pledge policy action to prevent contagion.
A property debt crisis jolted K…
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