Gangwon Province to repay Legoland Korea developer's debt
Legoland Korea Resort in Chuncheon, Gangwon Province / YonhapBy Kang Seung-wooGangwon Province will fulfill a payment guarantee for the developer of Legoland Korea Resort by mid-December, one month earlier than scheduled previously, amid a liquidity crunch, the provincial government said Thursday. Chung Kwang-yeol, the vice governor of economic affairs of the province, said it will repay by Dec. 15 a debt of 205 billion won ($144 million), owed by the government-funded Gangwon Jungdo Development Corp. (GJC) after building the Legoland theme park in Chuncheon.“The Gangwon government and the finance ministry have been closely discussing effective ways to ease the burden on the financial market, including creditors,” Chung said during a press conference in Chuncheon. “As a result, we've decided to repay the full amount of the debt guaranteed for GJC by Dec. 15," he said, adding that the decision was the outcome of close consultation between Gangwon Province Governor Kim Jin-tae and Finance Minister Choo Kyung-ho. GJC, which is 44 percent owned by the local government,
Oct 27, 2022By Kang Seung-woo