Hyundai Group to Undergo Mandatory Restructuring

  • Arirang News

    May 18, 2010 12:23

    The main creditors of the Hyundai Group decided to force the conglomerate to downsize its business operations by May 31 as it faces financial problems in main subsidiaries including Hyundai Merchant Marine and Hyundai Elevator.

    Hyundai is one of nine companies on a final list of companies slated for scale-downs submitted by creditors to the Financial Supervisory Service.

    The conglomerate's business operations suffered as it struggled with troubled North Korea tourism projects particularly since Pyongyang seized property at the Mt. Kumgang resort last month.

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