Greece’s Bad Loan Crisis Continues to Limit Credit Access Despite Economic Recovery 
Asian Currencies Stay Under Pressure as Dollar Holds Near 13-Month High Ahead of U.S. Jobs Report 
South Korea Alleges Google Abused Android App Store Dominance, Eyes Major Fine 
Apple Expands iPhone Lineup, Boosts Foldable iPhone Production Plans Through 2027 
Brazil to Phase Out Gasoline Subsidy First as Diesel Support Stays Longer 
Turkey Vehicle Sales Fall 11.4% in June as Auto Market Weakens 
India Manufacturing PMI Slows in June as Demand Weakens Despite Lower Cost Pressures 
TetherMax Rebranding Highlights Official Exchange Partnerships as Foundation of Trust 
EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
Kioxia Bets on AI Memory Boom With Next-Gen NAND Production in Japan 
Gold Price Surges Above $4,120 as Weak US Jobs Data Lowers Fed Rate Hike Expectations 
Japan Signals Surprise Yen Intervention Strategy as BOJ Hawkish Stance Puts FX Traders on Alert 
Goldman Sachs Says China Competition Weighs More on EU Growth Than Trade Deficit 
Norway Offshore Oil Workers Reach Wage Deal, Averting Strike 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
Australia Trade Balance Swings to Surprise Deficit as Imports Outpace Exports in May 
Switch Seeks $2 Billion Funding at Nearly $50 Billion Valuation Ahead of Potential IPO 
Iwon Jeil Cha supported the development of Legoland Korea Resort by funding its construction. But unfortunately, now that the Disney attraction in South Korea is in operation, Iwon Jeil Cha was reported to have gone bankrupt.
Iwon Jeil Cha is a local special-purpose company that spent billions on building the Legoland Korea Resort, but it sadly defaulted on its loans for the project. It missed its loan repayment worth KRW205 billion or about $144.7 million, and on Oct. 4, the company was listed as officially bankrupt by Korea Financial Telecommunications & Clearings Institute.
As per Korea Joongang Daily, the Legoland Korea Resort is located on Jungdo Island in Chuncheon, Gangwon, and it finally opened in early May. To finance the construction of this project, the Gangwon Jungdo Development (GJC) set up Iwon Jeil Cha in 2020 and Gangwon Province owned a 44% stake in GJC.
The development firm’s borrowings were guaranteed by Gangwon Province, which also helped Iwon Jeil Cha in securing an A1 credit rating from Korea Investors Service. This rating is the highest grade that can be given to borrowers, and due to the bankruptcy, the rating has been reduced to the lowest, which is D.
Gangwon Province is now thinking of applying for the rehabilitation of GJC next month since Iwon Jeil Cha has gone under. At this point, it is not clear if the court would accept the rehabilitation application since GJC is a government entity. Then again, as a guarantor for the bankrupt special purpose company, the province said it would fulfill its obligations.
“LEGOLAND Korea Resort is aware that Iwon Jeil Cha, a special purpose company, has gone into bankruptcy, which is reported through a few media outlets on October 6, 2022,” Bloomberg quoted Legoland Korea’s spokesman as saying in a statement.
The theme park also explained that although Iwon Jeil Cha has funded its development, it has no connection with LEGOLAND. “This company is the main creditor to GJC that has defaulted on their debt but this company has no connection with LEGOLAND Korea Resort and the operation of the resort. LEGOLAND Korea Resort remains open and trading as normal,” the spokesman said.
