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[Alpha Biz=(Chicago) Reporter Paul Lee] Taeyoung Engineering & Construction, which has started a workout, will secure 200 billion won through asset securitization of affiliates and additional collateral loans by next month.
According to the financial sector on the 19th, Taeyoung Construction is in the process of selling assets to raise operating funds ahead of the creditors' council in April.
First of all, Taeyoung Group plans to secure about 130 billion won by floating Blue One's Yongin CC and Sangju CC golf courses this month. Blue One is known to have sold golf courses to Mark Asset Management Fund, and Blue One has invested 40 billion won again in a golf course acquisition fund set up by Mark Management to guarantee preferential purchase rights (call options).
In addition, the company will push for additional loans with its stake in SBS MediaNet (95.3%) held by the holding company TY Holdings as collateral. TY Holdings received a loan of 76 billion won in November last year from World Media First, a special purpose company, with a 70% stake in SBS MediaNet as collateral. It is expected to borrow tens of billions of won more through refinancing. Through asset sales and additional loans, Taeyoung Construction is expected to secure about 200 billion won in operating funds.
Taeyoung Engineering & Construction Co. and its creditors plan to liquidate 45.1 billion won in outstanding credit-sales bond-backed loans this month for liquidity of their suppliers.
In addition, the government plans to vote on a plan to provide 400 billion won in new funds. The funds will be used to support insufficient funds from PF subcontractors due to the fund mismatch that occurred during Taeyoung Engineering & Construction's establishment of a corporate improvement plan.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
