South Korea to overhaul zombie firms by year-endStaff writer ▼ | October 27, 2015
South Korea's financial regulator will make utmost efforts to complete the restructuring of unprofitable and highly indebted companies within the year to protect any fallout on the economy from their sudden collapse, officials said.
Asia There are 3,295 zombie companies
The portion of such troubled companies increased to 15.2 percent last year from 12.8 percent five years earlier.
According to the officials, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), the financial market governing and oversight bodies, have recently decided to wrap up the overhaul of the ailing companies by the end of the year. ■