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Top 50 Builder Files for Bankruptcy Protection

Posted November. 13, 2008 09:27,   


Shinsung Engineering and Construction Co., Ltd., the country’s 41st largest builder in construction capacity, said Wednesday that it is seeking bankruptcy protection.

Shinsung is the first among Korea’s 50 largest construction companies to do so since the foreign currency crisis in 1998.

The company made a public announcement Wednesday that it filed for creditor protection at the Seoul Central District Court.

Shinsung is building 3,152 apartment units in seven construction fields.