[By NBC-1TV H. J Yook]Ssangyong E&C creditors have chosen Woori Bank as its main creditor bank, and shall enter into an intercreditor agreement, completing liquidity support before the end of this month.

An official of Woori Bank, the main creditor bank, said on September 6 “we are planning to conduct due diligence of Ssangyong starting September 7, and call creditor banks according to the intercreditor agreement to promptly provide liquidity support.”

The creditors have chosen Woori Bank as the main creditor bank to accelerate support for Ssangyong. This move is believed to reflect the authorities’ request to find a way to provide financial assistance for Ssangyong as quickly as possible.

“We are planning to get things done as quickly as possible and complete the liquidity support before the end of this month,” said a Woori Bank official. “All other creditors have agreed to this.”

As creditor banks rate the value of Ssangyong relatively high, it seems that liquidity assistance will be provided without any problem.

“If you look into Ssangyong, things are not that bad,” an official representing the creditors said. “The company simply experienced a temporary problem with cash flow.”

“Several media outlets have reported that, if Ssangyong fails to pay off its electronic bills, it will go bankrupt, but that is not true,” said a Korea Asset Management Corporation (KAMCO) official. “Delays in paying off bills happen quite often in the construction industry.”