Speculation over Taeyoung E&C workout 태영건설 워크아웃에 대한 추측이 PF 위기 우려고조

[김우정]

도급순위 16위 건설사 태영의 워크아웃이 임박했습니다.
다음달에 만기가 되는 PF대출을 상환하기 어려워서입니다.
이번 일을 신호탄으로 건설, 금융업계의 구조조정이 불가피해 보입니다.
금융위원회와 금융감독원도 부실 건설사의 파산신청과 구조조정을 대비하고있습니다.
 
Speculation over Taeyoung E&C workout increases concerns of PF crisis
태영건설 워크아웃에 대한 추측이 PF 위기 우려고조

By Anna J. Park 박안나 기자
Posted : 2023-12-27 17:00 Updated : 2023-12-27 18:01
Korea Times

The headquarters of Taeyoung E&C in Seoul / Courtesy of Taeyoung E&C 서울 태영건설 본사 / 태영건설 제공

Gov't remains vigilant to prevent chain reaction of bankruptcies
정부는 파산의 연쇄적인 반응을 막기 위해 경계강화

Speculation runs high that Taeyoung Engineering & Construction (Taeyoung E&C) is close to filing for corporate restructuring due to a liquidity crisis triggered by a soured real estate project financing (PF) deal.
부동산 프로젝트파이낸싱(PF) 거래로 촉발된 유동성 위기로 태영건설이 기업 구조조정 신청에 근접했다는 관측이 나온다.

Some market watchers expect the construction company will file for restructuring as early as this week, given that the aggregate amount of PF loans maturing later this week and until early next year has surpassed the level that Taeyoung can service.
시장에서는 이번 주 말부터 내년 초까지 만기가 돌아오는 PF 대출 총액이 태영이 서비스할 수 있는 수준을 넘어섰다는 점에서 이르면 이번 주 안에 시공사가 구조조정을 신청할 것으로 보고 있다.

The construction company did not confirm‎ the market rumors in a public disclosure announced on Wednesday and said, "The company is currently reviewing various options for the normalization of operations. However, nothing has been confirmed yet. The company will provide updated disclosure on the issue at the time of confirmation or within a month."
이 건설사는 이날 공시를 통해 시장의 소문을 확인하지 않고 "현재 경영 정상화를 위한 여러 방안을 검토 중"이라며 "다만 아직 확정된 것은 없다"고 밝혔다. 확인 시점이나 한 달 이내에 최신 공시를 할 예정이다.

PF is a financing technique that uses loans to finance a project after promising the future revenue of a real estate development project as repayment. As of the end of the third quarter, Taeyoung's entire real estate PF loan balance is estimated at around 4.4 trillion won ($3.4 billion). When excluding 1.2 trillion won worth of social overhead capital PF guaranteed by the government, 3.2 trillion won remains as the net real estate PF balance. Out of the 3.2 trillion won worth of real estate PF, approximately 47 percent of Taeyoung E&C building sites have yet to start construction due to a lack of secured repayment funds.
PF는 부동산 개발 프로젝트의 미래 수익을 상환으로 약속한 뒤 대출을 활용해 프로젝트에 자금을 조달하는 자금 조달 기법이다. 지난 3분기 말 기준 태영의 전체 부동산 PF 대출 잔액은 약 4조 4천억 원(34억 달러)으로 추정된다. 정부가 보증하는 1조 2천억 원 규모의 사회간접자본 PF를 제외하면 3조 2천억 원이 부동산 PF 순 잔액으로 남게 된다. 3조 2천억 원 규모의 부동산 PF 중 태영건설 건물 부지의 약 47%는 상환 자금이 확보되지 않아 아직 착공하지 못한 상태이다.
 
"The issue at hand is Taeyoung E&C's lack of short-term liquidity. As of the end of the third quarter of 2023, Taeyoung E&C's sequential borrowings amount to 1.93 trillion won, with a debt ratio reaching 478.7 percent," Kang Kyung-tae, a construction sector analyst at Korea Investment & Securities, pointed out. "Among the major construction companies ranked within the top 35 in the country in terms of construction capability assessment, Taeyoung E&C has the highest debt ratio. Repayment of the debt through revenues would be very challenging, as all earned operating profits are fully offset by interest costs."
강경태 한국투자증권 건설부문 애널리스트는 "현재 당면한 문제는 태영건설의 단기 유동성 부족"이라며 "2023년 3분기 말 기준 태영건설의 순차 차입금은 1조9300억원으로 부채비율은 478.7%에 달한다"고 지적했다. 이어 "건설능력평가에서 전국 35위권 안에 든 주요 건설사 중 태영건설의 부채비율이 가장 높다."며 "수익을 통한 부채상환은 이자비용으로 벌어들인 영업이익이 모두 상쇄돼 매우 어려울 것."이라고 말했다.

This week alone, the construction company is facing the maturity of a PF loan related to an office building development project in Seongsu District in eastern Seoul, which amounts to 48 billion won. The company has other debt maturing in early January.
이번 주에만 480억 원에 이르는 서울 동부 성수지구 오피스빌딩 개발사업 관련 PF 대출 만기가 다가온다. 1월 초에 만기가 돌아오는 기타부채도 있다.

Choi Sang-mok, finance minister nominee, reponds to questions in his confirmation hearing at the National Assembly in Seoul, Dec. 19. Yonhap 최상목 기재부장관 후보자가 12월 19일 서울 국회에서 열린 인사청문회에서 질문에 답하고 있다. 연합

Financial authorities on full alert
금융당국비상

The government is vigilantly observing how the situation pans out. The so-called "F-4" members — indicating four key financial authorities: Choi Sang-mok, nominee for finance minister, Financial Services Commission (FSC) Chairman Kim Joo-hyun, Financial Supervisory Service (FSS) Governor Lee Bok-hyun and Bank of Korea (BOK) Governor Rhee Chang-yong — held a meeting on late Tuesday, discussing the possibility of Taeyoung E&C's restructuring and its potential repercussions on the real estate PF market.
정부는 사태 추이를 예의주시하고 있습니다. 최상목 경제부총리 후보자, 김주현 금융위원장, 이복현 금융감독원장, 이창용 한국은행 총재 등 4대 금융당국을 나타내는 F-4 멤버들은 어제 오후 회의를 열고 태영건설의 구조조정 가능성과 부동산 PF 시장에 미칠 파장 등을 논의했다.

Earlier this month, the FSC chairman, who is the top financial regulator, highlighted that the government is aiming for what he called a "soft landing" and "orderly cleanup" of the real estate PF market, hinting that the financial authorities are expecting and ready for bankruptcy filings or restructuring by a number of insolvent construction companies.
이달 초 최고 금융감독당국인 금융위원장은 정부가 이른바 부동산 PF 시장의 '연착륙'과 '질서 있는 정리'를 목표로 하고 있다고 강조해 금융당국이 다수 부실 건설사의 파산 신청이나 구조조정을 예상하고 준비하고 있음을 내비쳤다.

The FSS governor also shared a similar view earlier this month.
금융감독원장도 이달 초 비슷한 의견을 나눴다.

"In principle, construction and financial companies with insufficient profitability and chronic problems should undergo appropriate adjustments or restructuring, unless they undertake extraordinary measures, such as asset reduction," he said.
그는 "수익성이 미흡하고 고질적인 문제가 있는 건설·금융사는 자산 축소 등 특단의 조치를 취하지 않는 한 적절한 조정이나 구조조정을 하는 것이 원칙"이라고 말했다.

With those comments coming out, it is now clear that the government has shifted its position from focusing on prolonging maturity expirations to letting go of some businesses that cannot remain profitable.
이런 지적이 나오면서 정부가 만기연장에 주력하던 것에서 수익성을 유지할 수 없는 일부 사업장을 손을 놓는 쪽으로 입장을 선회한 것이 분명해졌다.

Financial industry sources told The Korea Times that it is the government's view that allowing severely unprofitable businesses to fail in accordance with market principles can be beneficial to the national economy in the long run, despite short-term turbulence.
금융업계 소식통들은 코리아 타임즈에 단기적인 혼란에도 불구하고 수익성이 떨어지는 심각한 기업들이 시장원리에 따라 파산하도록 허용하는 것이 장기적으로 국가경제에 도움이 될 수 있다는 정부의 견해라고 말했다.

The FSC vowed late last week to ensure prompt responses in the event of market uncertainties.
금감위는 지난주 말 시장 불확실성이 발생할 경우 신속한 대응을 보장하겠다고 다짐했다.

Financial Services Commission Chairman Kim Joo-hyun, right, speaks next to Financial Supervisory Service Governor Lee Bok-hyun, during a meeting with financial group leaders in Seoul, Dec. 20. Yonhap 김주현 금융위원장(오른쪽)이 12월 20일 서울에서 열린 금융그룹 총수들과의 간담회에서 이복현 금융감독원장 옆에서 연설하고 있다. 연합

While Taeyoung E&C is making utmost efforts to secure liquidity by selling stakes in various development businesses and affiliates, construction and finance sector insiders seem to have already acknowledged the looming restructuring as a fact.
태영건설이 각종 개발사업과 계열사 지분을 매각하는 등 유동성 확보에 총력을 기울이고 있지만 건설,금융업계 내부에서는 이미 구조조정이 임박했다는 점을 기정사실로 인식한 것으로 보인다.

Meanwhile, the Corporate Restructuring Promotion Act, which ended in October, was reinstated after the National Assembly passed the bill early this month. The act serves as the fundamental legal framework for debt adjustment or restructuring of companies showing signs of insolvency.
한편 지난 10월 종료된 기업구조조정촉진법은 이달 초 국회를 통과하면서 부활했다. 이 법은 부실 징후가 있는 기업의 채무조정이나 구조조정을 위한 기본적인 법적 틀이다.

The law allows insolvent companies that undergo a temporary liquidity crisis to extend debt maturity when more than 75 percent of creditors consent to offering such support. If Taeyoung applies for the workout under the law, subsequent procedures will immediately be taken, according to the law.
이 법은 일시적인 유동성 위기를 겪는 부실기업은 채권단의 75% 이상이 이 같은 지원에 동의할 경우 채무 만기를 연장할 수 있도록 하고 있다. 태영이 이 법에 따라 워크아웃을 신청하면 법에 따라 즉시 후속 절차가 진행된다.

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