What's in a name?

The near default of Hyundai Engineering and Construction highlights how little is left in the Hyundai name.

What is in a name Not much, if you are a creditor of Hyundai Engineering and Construction, Korea's largest contractor. The company escaped defaulting on loans worth $21 million to its main creditor bank Korea Exchange Bank by just a few hours. It has to find a similar amount on Wednesday 1 November to pay debts that fall due then.

The situation stems from creditors pulling the rug on demands for fresh credit as maturing debt came due. It also stems from the fact that other Hyundai affiliates are no longer supporting their ailing cousin. That such a thing should happen to a company with the Hyundai name backing it would have...

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