S. Korea to speed up corporate restructuring amid recession woes

SEOUL, Nov. 29 (Yonhap) -- South Korea's financial regulator said Saturday it
plans to speed up efforts to restructure troubled companies as the nation's
economy is widely expected to head toward its first recession in a decade.
"There is a limit to the government's ability to recover the economy without
restructuring troubled companies," said Rhee Chang-yong, vice chairman of the
Financial Services Commission.
In a keynote speech at a conference in Seoul, Rhee said the commission is
"preparing to" restructure companies facing financial difficulties.
But Rhee didn't identify which companies or industries will be restructured.
With the global financial crisis rippling through South Korea, companies are
struggling to get new loans and meet maturing debt obligations.
This week, the commission said it will form a task force to restructure
struggling companies.
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