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[Alpha Biz=(Chicago) Reporter Paul Lee] Taeyoung Group is expected to secure about 220 billion won by selling its affiliate Blue One to provide financial support for Taeyoung Engineering & Construction, which applied for corporate restructuring.
According to the financial sector on the 22nd, Blue One recently decided to sell Blue One Yongin CC and Sangju CC to private equity funds set up by Mark Asset Management. The sale price of two golf courses is said to be around 260 billion won. After the sale, Blue One rents the golf course (sale and lease bag) and uses it.
Private equity funds created by Mark Asset Management raise 182 billion won in collateral loans to golf courses from senior to junior, and issue 35 billion won in preferred stocks and 40 billion won in common shares. It is estimated that Blue One will acquire 40 billion won in ordinary shares and that Taeyoung Group will secure about 220 billion won from the sale of the golf course.
Since Taeyang Engineering & Construction's application for a workout on April 28, Taeyoung Group said it will seek to sell its stake in Blue One and provide collateral to support Taeyoung Engineering & Construction.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
