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Debt-free Woongjin Group gears up for a fresh start

Collected: 2016.06.02

Distributed: 2016.06.03

Source: Go Direct

[Yoon Seok-keum]

South Korea’s mid-sized conglomerate Woongjin Group headed by Chairman Yoon Seok-keum declared on Wednesday that it has repaid 98 percent of outstanding loan worth 1.44 billion won ($1.28 billion) six years earlier than its due date under creditors’ workout program.

The group, which went under court receivership in 2012, has paid back 121.4 billion won out of a 147.0 billion won debt that has left since it graduated from court receivership in February 2014. The group initially planned to repay the debt with installment payments until 2022. But following the group’s successful business restructuring and recovery, it has decided to repay the debt earlier than planned upon approved by creditors during the last two weeks.

Woongjin Group’s successful emerge from its financial woes is mainly attributed to its chairman’s efforts to reform management and performance. The local prosecution also confirmed in 2014 that it did not find any private slush fund or other misconducts of the chairman during its investigation into the group before its graduation from court receivership. After it entered under court receivership, the group has sold off lucrative units such as Woongjin Coway Co. (now Coway Co.) and Woongjin Foods Co., as part of its restructuring efforts and rebuilt its publishing and energy businesses.

By Jin Young-tae

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