42 conglomerates under tight scrutiny on heavy debts; Samsung tops list

Korea's financial watchdog said Tuesday it has placed 42 highly indebted conglomerates under closer watch for debt reduction efforts, with Samsung Electronics topping the list for the first time in eight years. According to the Financial Supervisory Service (FSS), the conglomerates with total borrowings exceeding 2.56 trillion won ($1.7 billion) from local banks were designated as heavily indebted corporate groups this year. The number of heavily indebted conglomerates marked the highest level since 2014, up from 41 a year earlier. Samsung Electronics rose to the top spot from third place last year. Dongkuk Steel Mill, SK Shipping and two others were newly added to the list, while three companies, including E-Land, were removed, the FSS said. The outstanding loans of the 42 heavily indebted companies totaled 386.9 trillion won as of last year, up 15.1 trillion won, or 4.1 percent, from a year earlier, the FSS said. The FSS said the principal creditor banks will sign restructuring and turnaround agreements with financially vulnerable conglomerates to systematically manage credit risks and rWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times