[비즈니스포스트] Yoon Se-young, founding chairman of Taeyoung Group, appealed to creditors to approve the workout, saying he would also put up TI Holdings and SBS stocks as collateral.
At a press conference held at the Taeyoung Construction headquarters in Yeouido, Seoul on the 11th, Founding Chairman Yoon Se-young said, “We will faithfully carry out self-rescue efforts without just seeking support from creditors,” and added, “We will make sure to revive Taeyoung Construction by using TI Holdings and SBS stocks as collateral.” .
Yoon Se-young accepts creditors’ demands, provides TI Holdings and SBS stock as collateral” height=”150″ src=” width=”300″ /> ▲ Taeyoung Group Founding Chairman Yoon Se-young makes a statement at a press conference held at the Taeyoung Construction headquarters in Yeouido, Seoul on the 11th. is announcing. On the left is Taeyoung Group Chairman Yoon Seok-min. <비즈니스포스트>
Founding Chairman Yoon said, “We apologize for causing concern to creditors, the government, and the public with Taeyoung Construction’s workout application,” and added, “We will do our best to faithfully implement the self-rescue plan submitted to creditors in about 10 days after applying for workout. “There is,” he said.
Founding Chairman Yoon said, “I once again promise to faithfully implement the remaining self-rescue plan, including the sale of major affiliates such as Ecobit or the provision of collateral, as we submitted the self-rescue plan,” adding, “Taeyoung Group Chairman Seok-min Yoon and I, the founder, have made a commitment to creditors.” did.
He added, “In addition to what is included in the existing self-rescue plan, we also have plans to invest additional funds through selling other affiliates and providing collateral.”
Founding Chairman Yoon emphasized that Taeyoung Construction is a sound company.
Founding Chairman Yoon said, “Taeyoung Construction has only had a loss twice in the past 50 years since its founding,” adding, “There is a 10% rule that requires a profit of at least 10% when winning a construction project, so we can avoid the IMF and financial crisis. He explained, “Taeyoung Construction also recorded a surplus.”
Among Taeyoung Construction’s business sites, Gumi Flower Garden Park (Gumi Grand Foret Desian) in Gyeongbuk Province was found to have a low sales rate with only 17% of 1,450 households sold. However, Chairman Yoon appealed that he could overcome the workout because he had a solid workplace.
Founding Chairman Yoon said, “Of the 21 apartment sales sites, 19 have been 100% sold, and intermediate payments are coming in without a hitch,” and added, “Taeyoung Construction is competitive in public projects such as civil engineering and private SOC that generate stable profits in addition to the apartment sector.” “There is,” he said.
Founding Chairman Yoon said, “Taeyoung Construction’s order backlog is currently 12.5 trillion won, which is enough to generate more than 3 trillion won in sales every year.” He added, “It is estimated that the operating profit was about 130 billion won last year even under difficult circumstances, and this year as well. “We have a business plan in place to that extent,” he said.
He said, “The proportion of projects without PF out of the total order backlog is around 72%,” and “Nevertheless, the reason we are experiencing difficulties now is largely because we were too greedy, and in addition, it was difficult to extend the maturity of PF loans due to external factors such as high interest rates and economic recession. “It’s because of this,” he explained.
Founding Chairman Yoon expressed his will to save Taeyoung Construction by risking everything.
He said, “There are clearly places in the PF business that need to be liquidated, and we will boldly organize what needs to be liquidated and save the healthy businesses to finish the business.” He added, “During this process, we will not only seek support from creditors, but will faithfully carry out our self-rescue efforts.”
Founding Chairman Yoon pledged, “I will risk everything and do my best to normalize Taeyoung Construction through actions, not words, to minimize the damage to all stakeholders, including creditors, partners, and adopters, and to prevent any shock to the national economy.”
Next, Taeyoung Group Chairman Seok-min Yoon, the eldest son of Founding Chairman Yoon, said, “I feel infinite responsibility as the chairman of the board of directors of TI Holdings and Taeyoung Construction,” and “I take this opportunity to sincerely apologize.”
Chairman Yoon added, “We will definitely normalize Taeyoung Construction to minimize damage,” and added, “We will also provide TI Holdings and SBS shares as collateral and work together with the founding chairman to complete the workout.”
Some say that the reason why Founding Chairman Yoon Se-young mentioned SBS equity-secured loans was because he desperately needed help from creditors.
After creditors criticized that KRW 89 billion out of the KRW 154.9 billion from the sale of Taeyoung Industries was used to repay TI Holdings’ retail debt, TI Holdings provided SBS shares as collateral to Jae-yeon Yoon, the second daughter of Founding Chairman Yoon, on the previous day (the 8th) to raise funds. was prepared and deposited into Taeyoung Construction.
Nevertheless, when KDB Chairman Kang Seok-hoon said this morning that SBS shares should be used as collateral, founding chairman Yoon Se-young is understood to have reflected this.
Yoon Se-young, founding chairman of Taeyoung Group, was born in 1933 and graduated from Seoul High School and Seoul National University Law School. He founded Taeyoung Construction in 1973, and established Seoul Broadcasting Corporation (SBS) in 1990 to diversify his business.
In 2019, he handed over his position to Chairman Yoon Seok-min and stepped down from the front line of management, but when Taeyoung Construction faced a liquidity crisis in 2023, he returned to the position of CEO and Chairman of the holding company TI Holdings in December.
After applying for Taeyoung Construction’s workout, he directly attempted to persuade creditors by presenting a self-rescue plan, including providing financing for the sale of Taeyoung Industries, selling EcoBeat and Blue One, and providing equity as collateral for Pyeongtaek Cyro. However, as it was not possible to approve the workout ahead of the creditors’ meeting on the 11th, the company began preparing additional self-rescue plans. Reporter Ryu Soo-jae
2024-01-09 03:06:52
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