SEOUL, KOREA - The bankruptcy of Byucksan Engineering & Construction has almost become a certainty. According to construction industry sources on March 30, the contractor will receive a court notice that its court receivership would terminate within this week. Earlier on March 14, the company had filed with the Seoul Central District Court for court receivership termination application.

 

After falling into the state of total capital impairment, Byucksan has attempted in vain to find a buyer. Last year, it did find a suitor when it announced a merger by a consortium led by Akid Consulting, an investment company that was supposedly established by Al-Dafa Group of Qatar. But the deal soon fell apart after it was known that Akid Consulting was not really related with Al-Dafa Group and actually owned by a 27-year-old Korean national. Once the court protection is terminated, the company will undergo a liquidation process and the proceeds from the sale will be paid out to creditors.

 

Established in 1958 under the name of Korea Slate Industries, Byucksan was ranked No. 35 last year in terms of amount of orders books. It went through two workouts in 1998 and 2010. The company once went up to the rank of 15th during the early 2000s under the apartment brand "Blooming," but ended up filing for court receivership in June 2012 following years of the construction market downturn and liquidity problem.