• KDI Journal of Economic Policy
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• v.26 no.1
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• pp.71-104
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• 2004

This paper explores the empirical performances of the workout companies with special interests in the effectiveness of corporate reorganizing tools on their revitalization. In the empirical analysis it considers the criteria of success or failure in restructuring from both creditors' and debtors' perspectives. The key results are summarized as follows. First, the initial conditions on the debt structure of the workout companies are significantly related to the revitalization from both creditors' and debtors' point of view. Second, the debt restructuring instruments are insignificant in the success of corporate turnarounds while the debt-to-equity conversion has been a relatively effective tool. Third, the self-restructuring efforts, employment downsizing and governance reshuffling do not affect the performances significantly. The higher importance of initial conditions than corporate restructuring efforts may imply that Korean corporate workouts serve better to the needs of creditor financial institutions which are to maximize debt recovery and of the government which is to overcome financial crisis.

• 주택과사람들
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• s.135
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• pp.24-27
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• 2001

• 월간 기계설비
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• no.12 s.209
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• pp.49-52
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• 2007

1951년 창립한 경남기업(주)은 1965년 국내업체 중 처음으로 해외건설면허를 취득해 현재까지 국내 건설시장은 물론, 해외건설시장 활성화를 위해 매진하는 건설업체다. IMF 당시 워크아웃이라는 위기를 슬기롭게 극복, 5년만에 워크아웃을 조기졸업 하는 저력을 보였으며 2004년 대아건설과 합병을 통해 대형 건설사로 급부상했다. 기존 국내 주택 및 토목 부문 사업비중을 줄이고 해외건설, 에너지산업, 해외자원개발 등 수익 다각화로 인해 안정적인 수익구조를 구성한 경남기업(주)은 올해 시공능력평가 17위에 안착하는 등 급변하는 건설환경에 능동적으로 대처하는 모습을 보이며 또 한 번의 도약을 시도하고 있다.

• The Korea Beekeeping Bulletin
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• s.352
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• pp.55-55
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• 2010

• Korean small business review
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• v.42 no.2
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• pp.23-42
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• 2020

In this paper, it is analyzed that the financial factors of successful/unsuccessful companies in restructuring among Korean SMEs. For this purpose, the cases of 494 SMEs that had been subjected to workout programs due to financial distress between 2008-2014 were collected from A bank which is a SME financing bank, and had been subjected to logistic regression and t-test. And the sample cases are categorized into two groups, companies subject to external audit and the others, to provide more reliability. The result suggests; First, in all sample cases of SMEs, those are success factors for workout in connection with smaller total assets, lager sales amount, lower ratio of intangible assets, higher ratio of operating profit, lower ratio of short-term debt, higher ratio of long-term debt, and longer corporation history. Secondly, several factors have different influence on companies subject to external audit and the others. Lastly, the success factors for workout in Korean SMEs turned out to be different from those suggested in previous studies that are focused on large company. Some of the financial factors that led financially distressed firm to a successful restructuring showed the same results as large companies, but some of them were not related to them or even had the inverse influence on SMEs. This implies that SMEs have their distinctive success factors.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.141-176
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• 2008

This study provides an analysis of ex post efficient outcome, which can be said an objective of distressed restructurings, using the stock return of listed companies. The findings of this study are as follows: First, upon completing the distressed restructurings, reorganization and workout cases showed positive announcement effects, which was statistically significant. Also, composition cases displayed a positive value, but it was not statistically significant. Second, with respect to post-restructuring long-run stock performance, reorganization and composition showed underperformance after completion. However, workout cases showed overperformance after the completion. Third, multiple regression analysis to find factors affecting post-restructuring long-run stock performance suggests that higher asset decrease(ASSETCH), shareholder concentration (OWNCEN), largest shareholders' stake(OWN) have more positive impacts on long-run performance. However, change of the largest shareholder(OWNERCH) has negative impacts on long-run performance. Finally, change of the largest shareholder is a negative factor in the performance of the distressed restructurings. Therefore, this study implies that if M&A is used as a way of early completing the distressed restructurings, prudent judgment is required on whether a firm can recover its competitiveness and is likely to be economically viable again.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.113-145
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• 2007

In this paper, we examine whether the poor performance of distressed firms where banks take equity may occur due to agency problems in banks. By adopting the debt-equity swap, the bank can effectively postpone the occurrence of bad loans form the failure of the distressed firm. As a result, firms with more debt will be more likely to obtain debt-equity swap, regardless of their probabilities of revival. This is not because they are more profitable, but because they have more debt and thus it poses greater risk to the bank. We empirically look into these predictions with the data of 44 workout firms and find the following results. First, debt-equity swap appears to be more applicable especially when the distressed firms are large and when BIS of related banks is low. Specifically, the conditional probability of 'large firms' based on debt-equity swap is 65.52% and the conditional probability of 'bad banks' based on debt-equity swap is 75.86%. Also, as predicted, the performance of these debt-equity firms is poorer than that of non debt-equity firms. The conditional probability of 'large firms' based on posterior failure is 84.62% and the conditional probability of 'bad banks' based on posterior failure is 84.62%. This is consistent with our predictions and is also confirmed through results of the logit regression analysis. Second, when the restructuring is led by 'good banks', the performance of equity-swap firms is superior to that of non equity-swap firms. This result is consistent with that of James(1995). Hence, we can conclude that there may be some agency problems in restructuring distressed firm-especially when distressed firms are large and banks are bad. And these agency problems can reconcile the difference between James' results and Park, Lee, and Jang's.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.8
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• pp.4863-4873
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• 2014

The Korean construction industry has played a major role among all industries despite its relative small ratio of all. The global economic crisis, however, has adversely affected the construction industry. Therefore, the Korean government implemented a corporate restructuring process to ensure the stability of the financial market. The selection standard on workout enterprises by the government is based on two perspectives: (1) external factors, including macroeconomic indices and (2) internal factors, including financial statements of private enterprises. On the other hand, if considering the characteristics of the construction industry, a certain construction company may not be evaluated only by its financial statements. In other words, a valuation process that utilizes the financial statements only can be concluded to be irrational. Accordingly, this study aims to provide the valuation model, which embraces the characteristics of workout firms, and determines their implications. To accomplish this, each enterprise valuation was measured using DCF and Black Scholes models, and by comparing such results with their market value, each enterprise was determined to be either under or over-valued. The results of this study verified that the valuations of 2 workout companies (out of 4) showed a higher value than the market value.

• 월간 기계설비
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• s.265
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• pp.30-32
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• 2012

국토해양부는 지난 6월 17일 정부과천청사에서 제6차 건설산업 공생발전위원회를 개최하고 건설산업기본법을 위반한 건설업체에 대해 보다 명확한 기준으로 재제처분이 이뤄지도록 '건설업체 행정제재 합리화방안'을 제시했다. 또한 공제조합 보증금 개선방안도 제시됐다. 건설업체가 부도 파산 워크아웃 등으로 계약이행이나 하도급대금 지급에 어려움을 겪는 경우 하도급대금지급 보증금을 15일 내 지급 완료토록 개정키로 한 것이다. 이러한 개선은 대한설비건설협회가 건설산업 공생발전위원회를 통해 하도급대금 지급보증제도 개선을 촉구한 결과이다.

• Cement
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• s.168
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• pp.69-74
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• 2005

서울시, 자연녹지에 레미콘공장 허용(2005.7.15)/ 매출 다각화 나섰다, 시멘트업계 건자재 증대, 신사업 진출(2005.7.20)/ "직원과 함께 땀흘린다" 라파즈 그룹 CEO 현장 경영(2005.7.25)/ 한일, "레미탈, 전국권 시멘트로 육성"(2005.7.27)/ 중국산 저질건자재 활개, 비규격 철근 · 시멘트, 국산으로 둔갑/ 중국, 상반기 시멘트 생산량 7.4% 증가(2005.8.2)/ 2010년 일본 건설투자, 51조엔(2005.8.16)/ 건교부, 건설폐기물 재활용 촉진(2005.8.25)/ 시멘트업계 '첨단경영 시대' 성신양회 · 한일 등 정보인프라 시스템 구축(2005.8.31)/ 8.31 부동산종합대책 발표(2005.8.31)/ 동양, 고온가스 재활용 일석이조(2005.9.1)/ 쌍용, 11월 워크아웃 졸업(2005.9.2)/ 일본, 시멘트 수요 호조세(2005.9.12)/ 골재 공급물량 넘친다(2005.9.19)/ 레미콘 공장은 '늘고', 수요는 '줄어'(2005.9.20)