워크아웃 중소기업 지원 확대 방안: 기업턴어라운드동행 프로그램의 시행

Abstract

The Korean Corporate Restructuring Promotion Act, which has been the foundation of the workout system, is set to expire in October. In line with the revision of the law, this study examines the obstacles to the workout system for companies in financial distress, and what public policies are planned to support workout companies to complement the system. The reasons that hinder the activation of the workout system include, first, the difficulty in obtaining new funds essential for corporate management, second, problems with the system of creditors' claims to purchase bonds who oppose the workout plan, third, management difficulties due to the designation of companies with signs of insolvency, fourth, the administrative, legal, and financial burdens of the process, and finally, the lack of follow-up management. In response, Korea Asset Management Corporation will implement the "Corporate Turnaround Accompaniment Program" to closely support companies throughout the pre-workout phase. KAMCO will provide financial and non-financial support to 'Accompanying Certified Companies' selected for support, including loans for operating expenses, support for asset and liability due diligence, linkage to KAMCO's other support programs, management consulting support, dispatch of 'dedicated accompanying staff', acquisition of NPLs, and provision of payment guarantees for resumption of financial transactions. The program will be piloted this year, and once the effectiveness of the program is proven, it will be fully implemented from next year.