Copyright 2000 AFX News Limited
AFX - Asia
June
18, 2000 Sunday
HEADLINE:
SKorea May insolvency ratio rises to 0.19 pct vs 0.16 in April
DATELINE:
SEOUL
South Korea's dishonored bill ratio rose to 0.19 pct in May from 0.16 pct in April, the Bank of Korea said.
The rise reflects increases in defaults on promissory notes issued by suspended Yeungnam Merchant Banking Corp and Saehan Group that were placed on debt rescheduling plans in the course of month, the bank said.
In Seoul alone, the key corporate insolvency gauge fell to 0.18 pct from 0.16 pct, it said.
Dishonoured bills totalled 1.76 trln won in May, compared with 1.36 trln won in April.
A total of 512 companies went under in May, compared with 503 a month earlier. The bank said newly-establised companies in the nation's 8 largest cities fell to 3,757 in May from 3,837 in April.