SEJONG, April 26 (Yonhap) — South Korean trade minister said Tuesday that the government will support market and creditor-led corporate restructuring efforts amid rising public calls for stricter action to sort out marginal companies.
“We encourage creditors to take the lead in carrying out restructuring processes based on the market system,” Trade Minister Joo Hyung-hwan said at a breakfast meeting with the chief executives of 10 large business groups.
“For relatively healthier companies, we will map out legal systems to help them undertake a thorough overhaul in advance.”
The South Korean government has indulged in leading the corporate restructuring process as part of efforts to prevent any economic fallout…
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