Taiwan high speed rail corp is facing potential bankruptcy or a restructuring of a NT$382bn (US$12.1bn) loan after the country's legislators rejected a refinancing proposal. The multi-tranche facility is the largest syndicated loan in Asia, excluding Japan, and a restructuring will be the largest from Asia, eclipsing the US$5.829bn default of South Korea's Daewoo Corporation in 1999, currently the biggest, according to a Moody's report. On January 7, Taiwanese regulators rejected a financial improvement plan that the Ministry of Transportation and Communication proposed for THSRC.
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