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Dongbu Construction, a financially troubled construction arm of South Korea’s 18th-largest conglomerate Dongbu Group, said Wednesday it has filed for court receivership.
“Our company has applied for the court receivership program with the Seoul Central District Court,” Dongbu said in its regulatory filing.
Dongbu Group, whose business portfolio ranges from insurance and construction to steelmaking, has been under pressure from its creditors to beef up its worsening financial status.
The builder has accumulated debts totaling 137 billion won ($125.9 million) due to mature by the end of 2016, with retail investors accounting for 23 billion won. (Yonhap)
“Our company has applied for the court receivership program with the Seoul Central District Court,” Dongbu said in its regulatory filing.
Dongbu Group, whose business portfolio ranges from insurance and construction to steelmaking, has been under pressure from its creditors to beef up its worsening financial status.
The builder has accumulated debts totaling 137 billion won ($125.9 million) due to mature by the end of 2016, with retail investors accounting for 23 billion won. (Yonhap)
