Bumyang Construction files amended court order on receivership timeline

Bumyang Construction said Friday it filed an amended disclosure regarding the court decision to open receivership proceedings, citing a change in the deadline for submitting its rehabilitation plan to Oct. 23. The Suwon Rehabilitation Court had originally issued the decision to commence proceedings on Jan. 16.

The court formally opened the receivership process earlier this year after determining the company could not recover through its own efforts. Bumyang Construction attributed the need for intervention to rising construction costs, a downturn in building and housing sales markets, uncollected receivables from unsold units, and a failure to meet responsible completion obligations.

Kang Byung-ju, the company's representative director, was appointed as the receiver following the January decision. The period for creditors and shareholders to file claims ran from Feb. 7 to Feb. 27, with an investigation into those claims concluding on March 27 and a stakeholder briefing held on May 22.

Consolidated revenue for the first half of 2026 plunged 87.9 percent from a year earlier to 8.66 billion won, with building construction work accounting for 77.3 percent of total sales. Despite the contraction, the company reported an order backlog of 10.3 billion won as of the end of June, comprising 6.29 billion won in private sector projects such as the Eunpyeong Saegil private investment initiative, and 4.04 billion won in public works including the Sillim-Bongcheon tunnel.