Taeyoung Group founder Yoon Se-young says the amount of contingent liabilities of Taeyoung Engineering and Construction(E&C) stands at around two-and-a-half trillion won. 

Yoon made the remark on Wednesday during a creditors’ briefing session that the Korea Development Bank convened as he dismissed media reports that Taeyoung E&C’s project financing(PF) guarantees amounted to roughly nine trillion won. 

Yoon said he and the entire staff will exert all-out efforts to save the construction arm of the group if given the chance to repay debts. 

Yoon cited that the construction firm’s orders on hand exceed 12 trillion won and the company is expected to achieve more than three trillion won in annual sales in the next three years, stressing that Taeyoung E&C can be saved. 

The construction firm applied for a workout last Thursday in a bid to resolve its struggle with a liquidity shortage due to real estate PF loans.