Distressed Korea Builder Taeyoung Faces Debt Restructuring Vote [BNN Bloomberg (Canada)]
Nomura Holdings Inc ADR American Depositary Shares (NMR)
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Source: BNN Bloomberg
The builder of everything from office towers to industrial plants needs to receive backing from creditors that hold at least 75% of its aggregate debt, according to a previous statement from its main lender Korea Development Bank. Taeyoung put a spotlight on mounting bad debts in Korea's property sector earlier this year after a ramp-up in interest rates by the central bank to a 15-year high made more levered bets in the sector unsustainable. Authorities moved quickly to prevent the company from triggering a repeat of a 2022 credit squeeze that resulted in short-term credit costs surging to their highest since the global financial crisis. KDB said earlier this month that Taeyoung will need a debt-to-equity swap of about 1 trillion won ($726 million) to erase capital impairments. Under the restructuring plan, financial creditors would convert 50% of unsecured debt into equity and allow the ailing builder to defer the repayment on the remaining amount for three years, according to
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Sec Filings
- 5/17/24 - Form 6-K
- 5/16/24 - Form 6-K
- 5/15/24 - Form 13F-HR
- NMR's page on the SEC website