Hyundai construction bankrupt

Hyundai Engineering & Construction went bankrupt Monday as it failed to pay 23 billion of matured promissory notes.

Officials of Korea Exchange Bank's Kye-dong branch confirmed that the company had failed to pay 23 billion won of promissory notes. If the company fails to pay them by 4:30 p.m. Tuesday, it might trigger second round of bankruptcies, although it is likely to be postponed.

In this connection, the Korea Stock Exchange announced at 8:48 a.m. Tuesday that it had suspended trading of HEC shares.

The exchange also posted at 8:30 a.m. that it has suspended trading of both Dong-Ah Construction and Korea Express, which are rumored to be applying for court receivership.