The Korea Asset Management Corporation (KAMCO) announced on July 22 that it has signed a memorandum of understanding with the Daejeon Bankruptcy Court to support the management normalization of rehabilitating companies and the efficient sale of bankruptcy estate assets.
The agreement aims to enhance the efficiency of business rehabilitation and bankruptcy procedures in the Chungcheong region and strengthen the public support system for local businesses and debtors.
Under the agreement, the Daejeon Bankruptcy Court will recommend companies with high rehabilitation potential to KAMCO, which will provide tailored support, including new loans, payment guarantees, and management consulting.
KAMCO's public asset trading platform, 'Onbid,' will also be utilized for the sale of assets undergoing bankruptcy procedures. Instead of traditional on-site sales, an electronic bidding method will be implemented to allow bidders from across the country to participate, improving accessibility and transparency in asset disposal.
KAMCO President Jeong Jeong-hoon expressed hope that the agreement will serve as a collaborative foundation for the successful revitalization of rehabilitating companies and the swift disposal of bankruptcy estate assets. He added, 'We will continue to strengthen our cooperation with the courts to actively support the economic recovery of struggling businesses and debtors.'
* This article has been translated by AI.
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