Koramco Asset Trust Requests 2 Billion Won Guarantee Refund from Joong Ang Holdings Amid Restructuring

According to Chosun Biz, Koramco Asset Trust requested the return of 2 billion won in performance guarantee from Joong Ang Holdings on July 12, citing delays caused by the group's corporate restructuring procedure. The refund request was made because the originally planned August closing of the asset deal has become impossible, as court approval is now required to proceed with asset sales by companies undergoing restructuring.

Both parties will maintain their existing memorandum of understanding and resume the transaction after obtaining court permission for the asset disposal, according to a Koramco spokesperson. The deal involves three assets worth approximately 550 billion won, including two office buildings in Seoul's Mapo District and a production facility in Ilsan, Gyeonggi Province.