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[Alpha Biz=(Chicago) Reporter Kim Jisun] When Taeyoung Construction's application for a corporate restructuring work (workout) was made public, SBS president said there was no possibility that the company's stake would be sold. Taeyoung Construction is an affiliate of TY Holdings, the holding company of SBS.
"Taeyoung E&C has applied for a workout despite its self-rescue efforts," SBS President Bang Moon-shin said in a statement posted on the company's internal network on the afternoon of the 28th. "As employees know, there is no possibility that Taeyoung E&C's workout application will be transferred to SBS management risk under the current holding company system."
"There is no possibility of selling SBS shares owned by TY Holdings or providing them as collateral," he said. "TY Holdings also made it clear that the Taeyoung E&C workout will not affect SBS management and future values."
"The recent advertising market is rapidly shrinking and the media market outlook for next year is very difficult, but I believe that if all SBS members work together, we can get through it wisely," he said. "Let's move toward tomorrow with one mind and one power."
As Taeyoung Engineering & Construction applied for a workout in the liquidity crisis caused by real estate project financing (PF), attention is being paid to whether TY Holdings, the largest shareholder of SBS, will sell its stake.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
