A decision will be reached on Thursday on whether to commence a workout plan for Taeyoung Engineering and Construction(E&C).

The Korea Development Bank(KDB), which is the main creditor of the construction firm, will convene a meeting of the company’s creditors and vote on whether to agree to the debt restructuring process which would require approval from at least 75 percent of creditors in order to begin. 

KDB estimates that the number of Taeyoung E&C’s creditors exceeds 600. 

It is likely that the workout will be launched for the construction firm as major creditors and financial authorities have formed a consensus on Taeyoung Group’s self-rescue plans for its construction arm. 

The KDB will carry out the vote on the workout matter through midnight and announce the results on Friday morning.