Seoul court allows selling of Keangnam tower in Hanoi
Construction firm Keangnam Enterprises Inc. of the Republic of Korea (RoK) has been given the green light by the Seoul Central District Court on May 27 to sell a skyscraper in Hanoi in a bid to handle its liquidity crisis, Yonhap news agency reported.
Construction firm Keangnam Enterprises Inc. of the Republic of Korea(RoK) has been given the green light by the Seoul Central District Courton May 27 to sell a skyscraper in Hanoi in a bid to handle itsliquidity crisis, Yonhap news agency reported.
At therequest of an independent agency appointed to take charge of Keangnamcase, the court has allowed the selling of the 72-storey Hanoi LandmarkTower, owned by the firm’s subsidiary, Keangnam Vina, which is currentlyunder a debt workout program.
The court said the decision is crucial to protect the benefits of Keangnam’s creditors.
In the last two years, given a downturn in the domestic real estatemarket, the business faced continuous loses. It has borrowedapproximately 2 billion USD but failed to repay.
Thecompany on March 27 filed for corporate rehabilitation and since April 7the court has been conducting a review of the company’s books, debtsand assets both inside and outside the country.
Whether the Hanoi skyscraper, one of the company’s largest assetsoverseas, will be sold or not will decide the final success of KeangnamEnterprises’ rehabilitation plan, declared the court.-VNA
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