SEOUL, Nov. 28 (Korea Bizwire) – A South Korean court is set to implement a novel system wherein external experts will play a mediating role in the autonomous restructuring of companies. As per information from legal circles, the Seoul Bankruptcy Court is gearing up to unveil an enhanced ‘Autonomous Restructuring Support’ (ARS) program next month following [...]
SEOUL, June 24 (Korea Bizwire) – The South Korean government said Friday it has revised down the annual economic growth outlook by 0.3 percentage point to 2.8 percent, in the face of sluggish global economic conditions and troubles facing certain industries. During a meeting with the ruling Saenuri Party, government policymakers said growth is expected [...]
SEOUL, May 26 (Korea Bizwire) – Amid the ongoing restructuring of the Korean shipbuilding industry, stories of insolvent global enterprises that have managed to resuscitate themselves have attracted attention. Quick decision-making and bold government support are believed to be the key factors for their revival. GM is one of the companies that succeeded in resuscitating itself, [...]
SEOUL, May 4 (Korea Bizwire) — The chief of the South Korean banks’ association said on Wednesday that the ongoing industrial restructuring will have little impact on local commercial banks, citing their minor exposure to financially troubled companies. In a press conference held in Germany on the sidelines of the 49th Asia Development Bank annual [...]
SEOUL/SEJONG, Dec. 30 (Korea Bizwire) - Corporate restructuring efforts aimed at bolstering South Korea’s overall competitiveness should entail pain sharing by all interested parties, the top economic policymaker said Wednesday. Chairing his last meeting of economy-related ministers in Seoul, Choi Kyung-hwan said all restructuring efforts must be resolved in a speedy manner for the best possible [...]