restructuring Archives | Be Korea-savvy
Taeyoung Receives 96 Pct of Support from Creditors for Debt Restructuring

Taeyoung Receives 96 Pct of Support from Creditors for Debt Restructuring

SEOUL, Jan. 12 (Korea Bizwire) – Troubled builder Taeyoung Engineering & Construction Co. has received 96.1 percent of support from creditors to move forward with a debt restructuring program, its main creditor said Friday. The level of support was higher than the 75 percent that Taeyoung was required to have for the debt rescheduling program, [...]

Unification Ministry to Downsize, Overhaul amid Tense Inter-Korean Ties

Unification Ministry to Downsize, Overhaul amid Tense Inter-Korean Ties

SEOUL, Aug. 23 (Korea Bizwire) — The unification ministry said Wednesday it plans to slim down and overhaul its organizational structure, including units that oversee inter-Korean exchanges, amid strained ties between the two Koreas and heightened tensions on the peninsula. Under the plan, the ministry plans to cut 81 employees, roughly 13 percent of its [...]

Unification Ministry to Downsize, Overhaul Organization amid Strained Inter-Korean Ties

Unification Ministry to Downsize, Overhaul Organization amid Strained Inter-Korean Ties

SEOUL, July 28 (Korea Bizwire) — The unification ministry on Friday announced a plan to slim down and overhaul its organizational structure amid the freezing of ties between the two Koreas and growing security tensions over the peninsula. The ministry plans to relocate around 80 employees, roughly 15 percent of its workforce, and merge four [...]

Tada Restructuring to Halve Payroll as Financial Struggles Persist

Tada Restructuring to Halve Payroll as Financial Struggles Persist

SEOUL, June 16 (Korea Bizwire) – Value Creators & Company (VCNC), the operator of ride-hailing service Tada, has decided to reduce its company payroll by half through intensive restructuring, as the company has been unable to find a new growth engine since the “Anti-Tada” bill was passed by the National Assembly in 2020. According to [...]

S. Korean Startups Carry Out Intensive Restructuring amid Financial Market Turmoil

S. Korean Startups Carry Out Intensive Restructuring amid Financial Market Turmoil

SEOUL, May 1 (Korea Bizwire) — South Korean startups are carrying out intensive restructuring amid lingering concerns over the state of financial markets ignited by the collapse of the United States-based Silicon Valley Bank (SVB). Zigbang, the country’s top home-matching platform, began conducting individual interviews regarding annual evaluation results starting this month and pushed many [...]

S. Korea’s No. 2 Travel Agency Offers Voluntary Retirement Program

S. Korea’s No. 2 Travel Agency Offers Voluntary Retirement Program

SEOUL, June 27 (Korea Bizwire) — Modetour Network Inc., South Korea’s second-largest travel service provider, has offered a voluntary retirement program for the first time in the company’s history after suffering from the prolonged novel coronavirus pandemic, industry insiders said Sunday. All of the travel agency’s 990 employees will be eligible to apply for the [...]