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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.
