![Taeyoung E&Cs Office Building in Yeouido, Seoul. [Photo by Kim Ho-young]](https://file.mk.co.kr/meet/neds/2023/12/image_readtop_2023_989337_17037302425770098.jpg)
Taeyoung E&Cs Office Building in Yeouido, Seoul. [Photo by Kim Ho-young]
South Koreas mid-tier builder Taeyoung Engineering & Construction Co. on Thursday applied for a debt workout amid fears over liquidity shortage sparked by troubled real estate project financing (PF) deals.
Taeyoung E&C filed for a workout today morning, said a financial industry official on Thursday.
The workout, operating under the Corporate Restructuring Promotion Act, enables the normalization of financially distressed companies by restructuring debt and providing fresh funds when over 75 percent of creditors agree to such support.
The application by the countrys 16th-largest builder in terms of construction capacity is expected to bring ripple effects in the ov…
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