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Article: Top 30 Cos. Have W7.3 Tril. in Outstanding Debt Guarantees.
- Article from:
- Korea Times (Seoul, Korea)
- Article date:
- August 24, 2000
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Top 30 conglomerates have 7.3 trillion won in outstanding inter- affiliate debt guarantees, with 1.5 trillion won supposed to be unwound by March of next year.
According to the Fair Trade Commission (FTC) yesterday, the government's watchdog against big businesses, the big 5 conglomerates -- Hyundai, Samsung, LG, SK and the insolvent Daewoo -- have converted most of their debt guarantees into credits, while the lesser groups have paid out their maturing debts in many cases, which have resulted in the resolution of guarantees.
The FTC said that by March of next year, the top 30 businesses are required to resolve the cross-affiliate debt guarantees, to ...