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[Alpha Biz=(Chicago) Reporter Paul Lee] Yoon Jae-yeon, the youngest daughter of Taeyoung Group founder Yoon Se-young, lent 33 billion won to TY Holdings on the back of her stake in SBS, a broadcasting affiliate.
TY Holdings, the holding company of Taeyoung E&C, held a board meeting on the 8th and announced that it borrowed 33 billion won from Yoon and provided 1,172,000 SBS shares held by the company as collateral. The maturity of the loan of 33 billion won is six months from this day to July 8, and the annual interest rate is 4.6%.
The collateral limit for SBS shares provided by TY Holdings as collateral is KRW 40.3 billion. 1,172,000 shares account for 17.4% of the company's SBS shares (6.74 million shares, 36.3%) and 6.3% of the total number of voting shares (18.55 million shares).
TY Holdings also borrowed 10 billion won from Blue One, a leisure affiliate that runs golf courses on the same day.
TY Holdings reportedly provided 89 billion won out of 51.6 billion won from the sale of Taeyoung Industries (154.9 billion won). However, creditors expect to come up with convincing additional self-rescue plans, such as the owner's contribution of private property or external financing through the sale of stakes in SBS or TY Holdings.
Creditors will hold the first creditors' meeting on the 11th and vote to start a workout. If the workout fails, it is likely to go to court receivership.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
