Seoul shares edge down on massive institutional selling

34 local companies subject to corporate restructuring

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Published : 2014-07-20 14:38
Updated : 2014-07-20 14:38

The Financial Supervisory Service said Sunday it has given credit risk ratings to 34 companies including 21 construction firms, subjecting them to restructuring programs.

The country's top financial regulator and creditors regularly inspect companies with debts of 50 billion won ($48.54 million) or more to assess their risk levels. This year, 34 companies were given the bottom two ratings of "C" and "D," they said.

Eleven companies, including four construction companies, a shipbuilder and a steelmaker, have been categorized in the group C, which must reach agreement on a workout schedule with their creditors.

The other 23 firms were put in group D, which are unlikely to be helped by creditors, forcing them into court receivership. This group includes 17 construction firms and two shipbuilders, according to the FSS.

The companies in the bottom-two rating groups have taken out a total of 3.5 trillion won in loans, the FSS said. (Yonhap)

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