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HYUNDAI ENGINEERING LIKELY TO END DEBT WORKOUT.
SEOUL, March 3 Asia Pulse - The Hyundai Engineering & Construction Co., South Korea's largest builder, is likely to end its debt workout program this month, a creditor bank official said Sunday.
Hyundai Engineering went under creditor control in October 2001 when it teetered under mounting debts. Since then, the company has turned profitable, with earnings reaching a record of 323.8 billion won (US$333 million) last year, up 89 per cent from a year earlier.
According to the bank official, Hyundai Engineering's main creditor, Korea Exchange Bank, and its No.2 shareholder Korea Development Bank (KDB), have agreed on an earlier end of its debt workout program.
"The two lenders will finalize the issue within this month after discussions with other banks," the official said, speaking on condition of anonymity.
In December, the creditors agreed to end the ...
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