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지나쌤

Creditors to complete funding for Ssangyong E&C this month

By Korea Herald

Published : Sept. 9, 2012 - 19:48

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Creditors of Ssangyong Engineering and Construction have decided to complete liquidity support for the financially troubled builder within this month, industry sources said Sunday.

The nation’s 13th-largest construction firm is currently struggling to pay back huge debts worth about 100 billion won ($88 million) due this year.

On Friday, creditors, led by Woori Bank, started an inspection into the company’s financial health to finalize the amount of financial support the company would get.

Korea Asset Management Corp., the company’s largest shareholder, had earlier proposed 130 billion won.

“We plan to speed up the funding process so that the liquidity support is completed within the month,” an Woori Bank official said in an interview.

(jylee@heraldcorp.com)

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