The Korea Development Bank(KDB) says it positively assesses the additional self-rescue plan that Taeyoung Group submitted to secure more liquidity for Taeyoung Engineering and Construction(E&C).  

In a statement issued on Tuesday, the bank, which is the main creditor of the construction firm, said it believes the additional plan the group presented could be the first step towards recovery. 

Earlier in the day, Taeyoung Group founder Yoon Se-young said he will revive the ailing construction firm even if the proposed self-rescue plans are insufficient and require shares of TY Holdings and affiliate Seoul Broadcasting System as collateral.

The KDB said Yoon’s proposal is regarded as a pledge that the group will observe and execute the basic principles of a workout. 

The KDB and around 400 other creditors are set to make a decision on the workout plan on Thursday, with approval requiring agreement from at least 75 percent of creditors.

Meanwhile, the KDB will convene on Wednesday a meeting of key creditors  with regard to Taeyoung E&C’s workout, including the nation’s top five banks and the Industrial Bank of Korea.