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| Rail operator proposes plan to save mega land project
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| MARCH 16, 2013 15:56 |
Rail operator proposes plan to save mega land project
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MARCH 16, 2013 15:56.
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“If private investors give up certain rights, including that to build the project, we will inject 260 billion won (234 million dollars) in operating funds needed through year’s end,” according to Korail, the majority stakeholder in the Yongsan International Business District development project, which is under debt moratorium
Korail made the announcement Friday in a briefing on the proposal to normalize the project at its Seoul office. The company also suggested that both private sector and itself concurrently give up the right to seek reciprocal damage. This means that even if the project, which was originally worth 31 trillion won (38 billion dollars), goes bankrupt after normalization efforts fail, investors shall not stage a lawsuit war against each other. The state rail company also proposed the revocation of an agreement between existing stakeholders, a complete revision to the project plan including the scale and methods of financing, and a reshuffle of Dream Hub, the implementation company of the development project.
Korail plans to receive opinions from private investors on its proposal through Thursday, and check if measures to normalize the mega project will be accepted until April 1.
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| “If private investors give up certain rights, including that to build the project, we will inject 260 billion won (234 million dollars) in operating funds needed through year’s end,” according to Korail, the majority stakeholder in the Yongsan International Business District development project, which is under debt moratorium
Korail made the announcement Friday in a briefing on the proposal to normalize the project at its Seoul office. The company also suggested that both private sector and itself concurrently give up the right to seek reciprocal damage. This means that even if the project, which was originally worth 31 trillion won (38 billion dollars), goes bankrupt after normalization efforts fail, investors shall not stage a lawsuit war against each other. The state rail company also proposed the revocation of an agreement between existing stakeholders, a complete revision to the project plan including the scale and methods of financing, and a reshuffle of Dream Hub, the implementation company of the development project.
Korail plans to receive opinions from private investors on its proposal through Thursday, and check if measures to normalize the mega project will be accepted until April 1.
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