Taeyoung Construction Applies for Work-out, Goverment and Financial Institutions Response Swift Currently amidst a real estate project financing (PF) crisis, Taeyoung Construction has applied for an emergency work-out (corporate improvement measure). A work-out is a system that normalizes the management of insolvent companies through debt adjustment and new funding if more than 75% of creditors agree. The work-out system is based on the Corporate Restructuring Promotion Act. Taeyoung Construction applied for the emergency measure after it made efforts to respond to its looming PF crisis by selling major affiliates, but this was not enough to cover the loans maturing within the next month. The current balance of PF […]