South Korean developer Taeyoung gets creditor support

Taeyoung put a spotlight on mounting bad debts in South Korea’s property sector earlier this year. — Bloomberg

SEOUL: Distressed South Korean builder Taeyoung Engineering & Construction Co won support from creditors to begin restructuring its debt, after it had rattled local markets at the start of the year.

The builder of everything from office towers to industrial plants received backing from creditors that hold at least 75% of its aggregate debt, according to a statement from its main lender Korea Development Bank (KDB). That was the threshold it needed to pass.