April 26, 2024
Economy
FSS lists 25 firms in need of restructuring
[THE INVESTOR] Korea’s financial regulator said on Aug. 3 that 25 local companies must carry out restructuring this year.
Last year, 32 firms with combined assets of 24.4 trillion won (US$21.60 billion) were placed on the list of businesses requiring restructuring efforts.
The combined assets for the 25 firms stood at 3.1 billion won, and no listed firms were said to be included on this year’s list.
The combined borrowings of the 25 firms stood at 2.5 trillion won, compared with 19.5 trillion won for troubled firms last year.
The Financial Supervisory Service unveiled the list, without identifying the 25 firms by name, after conducting a credit risk analysis on 631 companies, which were selected out of 1,902 owing over 50 billion won to banks and showing signs of financial health problems.
By industry, eight construction firms, three shipyards and two mechanics firms were among this year‘s list, the FSS said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Last year, 32 firms with combined assets of 24.4 trillion won (US$21.60 billion) were placed on the list of businesses requiring restructuring efforts.
The combined assets for the 25 firms stood at 3.1 billion won, and no listed firms were said to be included on this year’s list.
The combined borrowings of the 25 firms stood at 2.5 trillion won, compared with 19.5 trillion won for troubled firms last year.
The Financial Supervisory Service unveiled the list, without identifying the 25 firms by name, after conducting a credit risk analysis on 631 companies, which were selected out of 1,902 owing over 50 billion won to banks and showing signs of financial health problems.
By industry, eight construction firms, three shipyards and two mechanics firms were among this year‘s list, the FSS said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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