The extension of the loan maturity for the project cost of the Dunchon Jugong Reconstruction Association in Gangdong-gu, Seoul failed.
According to the cooperative and the construction project group on the 19th, the lender group composed of 24 financial companies including NH Nonghyup Bank notified the cooperative and the construction project group the day before that it was impossible to extend the loan maturity of the cooperative project cost of 700 billion won, and asked to prepare repayment on the 23rd.
In an official letter, the lender group said, “Adjustment of the repayment schedule, such as the maturity date of the loan, is decided by the consent of all lenders.
Accordingly, the cooperative plans to extinguish the fire by issuing short-term securitized securities through a securities company, and then form a new lending group to refinance (refinancing).
First, short-term securitized securities, asset-backed electronic short-term bonds (ABSTB), proposed by the construction project group, will be issued for 66 days to be used for loan for project expenses due to maturity. The issuing securities companies are BNK Investment & Securities, SK Securities, Bukuk Securities, and Kiwoom Securities.
Through this, while the repayment of the loan was blocked for two months, a new lending group was formed to promote refinancing. The union holds an emergency meeting on the 20th and raises the issuance of short-term securitization securities for repayment according to the maturity of the business expense loan as a resolution item.
A union official said, “Once the issuance of securitized securities is decided, we will be able to discuss the formation of a new lending group after the 23rd.
Meanwhile, Dunchon Jugong Reconstruction is a project to build the ‘Olympic Park Foreon’ in Dunchon-dong, Gangdong-gu, Seoul, with 85 buildings with the highest 35 stories and a total of 12,032 households. Construction has been halted since April 15 due to a conflict between the union executive and the construction project team over the issue of increasing the construction cost.
Oh Se-seong, reporter at Hankyung.com [email protected]