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CREDITOR BANKS TO BACK UP HYUNDAI CONSTRUCTION'S OVERSEAS WORK.
SEOUL, Feb 1 Asia Pulse - The government is in the process of providing guarantees to back up Hyundai Engineering and Construction Co.'s overseas projects, a high-ranking official of the Financial Supervisory Commission said Thursday.
He said domestic banks are in the middle of preparing to issue guarantees for the builder's overseas projects as the construction company has secured enough of its funding needs.
The construction firm needs performance and bidding guarantees in securing overseas projects, and the company has asked for government help in securing them through its prime bank, Korea Exchange.
When the company asked for help in securing guarantees in October last year, the government and creditor banks decided to wait to see how well the construction company would do to secure these guarantees on its own merits, the official said, adding that the amount of guarantees will now come to around US$400 ...
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Source: HighBeam Research, CREDITOR BANKS TO BACK UP HYUNDAI CONSTRUCTION'S OVERSEAS WORK.