The total amount of corporate bonds and commercial paper coming due on the 30th was 110 billion won. With the application for the workout program, all loans, corporate bonds, and commercial paper claims will be frozen for the three Tongyang Group companies.

 

Given the total volume of investment made by individual investors in the form of corporate bonds and commercial paper for the three companies is in excess of 1.3 trillion won, it is forecast that there will be a big carnage. The amount of outstanding debt issued by Tongyang Leisure and International is 458.6 billion won while that for Tongyang Corp. is 872.5 billion won. Meanwhile, Tongyang Life is busy trying to change its corporate name to avoid being dragged to the financial mess and prevent a mass exodus of customers.