Ssangyong Engineering and Construction said Monday that its largest shareholder Korea Asset Management Corp. and other creditor banks have agreed to inject 200 billion won ($180 million) to support the troubled builder.
A risk management committee at KAMCO recently approved a liquidity support plan, with the first batch of support worth 70 billion won expected to be made on Tuesday.
Ssangyong officials expected the ongoing discussions among creditor banks, led by Woori Bank, would speed up following the prompt decision by KAMCO.
Five banks have continued talks on specific funding plans such as how much each organization should shoulder support funds for the nation’s 13th-largest builder.
(jylee@heraldcorp.com)
