Debt-ridden developer Taeyoung Engineering & Construction has won support from creditors in a vote to start a debt-restructuring program.

The state-run Korea Development Bank(KDB) and other creditors said on Friday that in a vote that ended midnight, 96-point-one percent of the company’s creditors voted to proceed with the proposed workout.

According to financial regulations, a company seeking a debt workout program must secure the approval of over 75 percent of its creditors.

As the workout process begins, the creditors will postpone their rights to claim repayment for up to four months.

The KDB will conduct due diligence on Taeyoung’s assets and liabilities for the next three months and establish a detailed restructuring proposal, which will be put on a vote at a creditors meeting on April 11.