The Korea Technology Finance Corporation (KOTEC) will work with United Asset Management Co. (UAMCO) to help companies undergoing restructuring return to normal operations.
KOTEC said on the 13th that it signed a technology assessment agreement with UAMCO at the company's headquarters in Seoul's Jung-gu district on the 12th. The agreement links KOTEC's technology assessment to the analysis of restructuring companies, which has centered on financial indicators, to improve their chances of recovery and help firms with solid technology get back on their feet.
Under the agreement, UAMCO will identify companies that need technology assessments among those under review for restructuring and those targeted for debt acquisition, recommend them to KOTEC and share corporate information needed for the evaluation. KOTEC will carry out the assessments and provide advice on the results.
KOTEC will provide UAMCO with assessment results analyzing technological capability, business viability, rights and intellectual property competitiveness. UAMCO plans to use the findings alongside financial analysis in its restructuring reviews. The two organizations expect that reflecting the technological capability of companies facing temporary management difficulties will make reviews more reliable, objective and accurate, giving such firms more chances to recover.
"Strong technology is the foundation that allows a company in a temporary management crisis to get back on its feet," KOTEC Chairman Kwon Hyung-taek said. "KOTEC will continue to expand cooperation with related institutions so that restructuring companies with solid technology can overcome their difficulties and move forward again."