Three of Tong Yang Group's affiliates filed for court receivership today, after they failed to secure funds to keep themselves afloat against a liquidity shortage.
The three affiliates include, Tong Yang Incorporated, Tong Yang Leisure Company, and Tong Yang International Incorporated.
The troubled family-run conglomerate has been facing mounting pressure to secure money to repay their debts worth a maturing 110 billion won, as of today.
An official from the group said the decision came as the company's attempt to sell off some of their assets failed, due to its faltering credit. ■
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