The default of the PF-ABCP (Project Financing Asset Securitized Commercial Paper) of the Legoland Korea development project is having a big impact on the market. Gangwon Province failed to repay the principal and interest of the KRW 205 billion PF ABCP loan issued by Gangwon Central Development Corporation, the borrower of the PF, through special purpose corporation (SPC), then Gangwon Province, who promised to repay, responded to the credit enhancement by choosing the borrower rehabilitation procedure instead, effectively defaulting on the ABCP. The impact of the default began to spread in October. Gangwon-do has said that it will repay both principal and interest as soon as possible. And yet, the […]