South Korea: Tong Yang Cement, a subsidiary of Tong Yang Group, has filed for court receivership. The receivership with the Chuncheon District Court was lodged in an official note, as reported by the Korean Broadcasting System. Sister-companies Tongyang Incorporated, Tongyang International, Tongyang Leisure and Tongyang Networks have also filed for court receivership in recent days.
Tongyang Group will have to repay debts of more than US$1bn.