**[Anchor]**
Shindong-A Construction has applied for corporate rehabilitation procedures and court management.
At the end of last month, their inability to cover a 6 billion won note became the final blow.
We’ll discuss major domestic issues with reporter Park Kyu-jun.
Reporter Park Kyu-jun, Shindong-A Construction is facing another crisis, isn’t it?
**[Reporter]**
Shindong-A Construction stated that “due to deteriorating liquidity, we were unable to cover the 6 billion won note that matured at the end of last month, leading us to apply for rehabilitation procedures.”
It appears they were hit directly by the real estate market downturn since 2022. Yesterday (6th), Shindong-A Construction submitted a court management initiation application to the Seoul Rehabilitation Court.
The industry sees this as a result of a combination of large unsold apartments at some sites for which Shindong-A Construction is responsible for completion, failure to convert some development projects to project financing, and an increase in unpaid construction costs.
Ranked 58th in construction capability evaluation, Shindong-A Construction entered a workout process due to the aftermath of the global financial crisis in 2010 and graduated from it in November 2019.
Now, they are undergoing court management procedures 5 years and 2 months later.
The court is expected to decide on whether to commence court management as early as this month.
**[Anchor]**
I heard that Hyundai Motor Group’s Chairman Chung Eui-sun mentioned Admiral Yi Sun-sin’s spirit. What was the context?
**[Reporter]**
Chairman Chung Eui-sun emphasized overcoming crises through the ‘spirit of Yi Sun-sin’ at the group’s New Year’s meeting yesterday.
Chairman Chung said, “Admiral Yi Sun-sin possessed an engineering mindset and had excellent literary insights, taking care of both small and large matters well.” He added, “Leadership like Yi Sun-sin’s is more necessary than ever.”
This can also be interpreted as a sign that they are taking the management uncertainties posed by the inauguration of the second term of the Trump administration, which includes heightened protectionism, more seriously than ever.
Defining the current crisis as a ‘perfect storm,’ Chairman Chung also emphasized overcoming it through meticulous preparation and strong fundamentals.
**[Anchor]**
As of yesterday (6th), the arrest warrant for President Yoon Seok-young expired, but the Corruption Investigation Office has re-applied for the warrant, right?
**[Reporter]**
The Corruption Investigation Office reapplied for the arrest warrant to the court about 5 hours before the deadline at midnight yesterday.
If the court issues the re-applied warrant, the Corruption Investigation Office will move again to execute the arrest warrant against President Yoon.
However, even if they secure additional time, it would still be challenging to change the situation if the security office blocks the move, as they did during the first execution attempt.
Amidst this, the Democratic Party plans to accuse Acting President Vice Minister Choi Sang-mok of dereliction of duty for failing to take appropriate measures, despite the security office obstructing the arrest warrant execution.
**[Anchor]**
Thank you, reporter Park Kyu-jun.
—
**Your tip can become news.**
SBS Biz is awaiting your reports.
Website = https://url.kr/9pghjn