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Hyosung Heavy Industries Takes KRW346 Billion Debt After Jamwon Project Misses Deadline

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Hyosung (KRX:004800) will assume 346.3 billion won in project financing debt related to the Jamwon-dong mixed-use development, triggered by the company's failure to meet the contractual completion deadline of July 31.

The debt assumption, representing 13.9% of the company's equity, takes effect on Aug. 1, following a management committee resolution on July 31, according to a bourse filing on Friday.

The amount covers the outstanding principal and interest owed by the original borrower to lenders as of the assumption date.

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