Company Restructuring (1) – PART 1

The internal auditor was giving a report to Gun-Ho on monthly profit and loss at Gun-Ho's office.

"The sales and the operating income have increased; however, because of our high-interest cost, we can't expect the ordinary income. The funds you put into this company when you acquired it, we used them to pay for the unpaid wages and some of the outstanding balance of credit purchase and accrued expenses payable that needed to be urgently paid."

"Hmm."

"However, we haven't been able to pay for the loans from financial institutions yet."

Gun-Ho hadn't paid off the loan from financial institutions when he acquired the company; otherwise, he would have spent additional tens of billions of won to pay for them. He actually could have paid off the loan with his cash—210 billion won in his stock account, but he didn't want to do it. He didn't want to touch the money that he made by selling his Kumho Chemical stock and he hadn't.