Gangwon-do Legoland Loan SPC Reaches Final Bankruptcy Stage Gangwon-do previously offered a debt guarantee for the establishment of Legoland, but the special purpose company (SPC) related to asset-backed securities (ABCP) worth KRW 205 billion has gone bankrupt. With the bankruptcy of I-One First, the SPC in question, it appears that the many securities firms that invested in ABCP will suffer losses. Gangwon Intermediate Development Corporation (GJC) established ‘I-One First’ to finance the construction of Legoland in 2020 and issued ABCPs worth KRW 205 billion. BNK Investment & Securities, the organizer of the ABCP issuance, took over the entire ABCP guaranteed by Gangwon-do and sold it to institutional investors, and Legoland […]