Chapter 79: The Final Deal

“Did you rest well?”

“Yes, Grandfather.”

My grandfather welcomed me back from Busan with open arms.

“I heard Chairman Jang stopped by, is that right?”

“Yes, he wanted to borrow money, just as you said.”

“I guess he was in a hurry, considering how he acted last time like he’d never see us again.”

A sly smile crept across his face.

My grandfather shook his head slowly.

“With the money flow cut off, it’s like a sinking ship. Other chaebols are probably discussing how to pick apart the remains of Hyeonbo like a pack of hyenas. Tsk!”

“Hyeonbo is just the beginning. Il-sung and Daehyeon won’t be safe either.”

“If that’s true, it means the entire economy of this country is on the brink of collapse… I can no longer afford to doubt it.”

“It’s a side effect of rapid growth. Such incidents were bound to happen eventually.”

“Yeah, I suppose you’re right.”

Since taking office, the President had pushed for reforms like dismantling Hanahoe, gaining public support. However, a series of incidents led to massive casualties, earning him the ridicule of being called the ‘Accident Republic.’

Undeterred, he focused on promoting Korea’s OECD membership and achieving a per capita GDP of $10,000, hoping to rebound in approval ratings.

But lurking behind that was a staggering current account deficit of $39 billion and an absurd short-term debt ratio of 211% compared to foreign reserves, alongside a 317% average debt ratio in manufacturing—an explosive situation waiting to blow.

Whatever happens, we’re on the brink of an explosion.

“Grandfather, this is just the beginning.”

History flowed just as I had anticipated.

* * *

On January 6, Chairman Jang of Hyeonbo Group attempted to extinguish the fire by issuing 45 billion won in convertible bonds, but the next day, the stock market crashed, thwarting his efforts.

By January 9, unable to cover a 120 billion won promissory note, they were on the verge of bankruptcy. Thankfully, an emergency bank bailout helped them survive for the time being.

They tried to raise funds by liquidating their real estate, but there was no way to sell over 300 billion won in property all at once.

They made another attempt to issue 35 billion won in convertible bonds, but no one was willing to buy.

Contacting Pyeongchang-dong yielded nothing but rejection.

Hyeonbo pretended to enter an emergency system by replacing executives while continually seeking help from banks and the government.

The 50 billion won promissory note that returned on the 17th was also handed over with the help of the banks, but that was just the beginning of their troubles.

On January 20, Chairman Jang demanded another 300 billion won in support, but the creditors refused.

“Chairman, you need to step down. I assure you, we’ll find a way to save the company no matter what if you do.”

“I’ve already helped you twice. We can no longer provide support, so please step down from management.”

The creditors’ demands were straightforward.

It was the Jang family’s resignation from management.

With the upcoming presidential election, the ruling party and government could be embroiled in preferential treatment controversies. If the Jang family relinquished management, they thought they could stabilize the situation through emergency measures.

However, Chairman Jang was holding sub-contractors and partners hostage, causing a ruckus.

A desperate gamble.

He believed the government would never just watch as Hyeonbo Group collapsed.

Chairman Jang knew that the sum borrowed from creditors exceeded trillions of won.

“If you can support me with 300 billion won, I can turn this company around. I’ve already put up real estate, and I’m making efforts to issue convertible bonds. You know that, right? Just help me one more time, and I’ll make it worth your while.”

But the creditors and Chairman Jang ultimately could not reach an agreement, and negotiations fell apart.

“You fools! If Hyeonbo collapses, this country goes down with it! Hurry, head to Pyeongchang-dong!”

Frustrated, he took it out on the driver, heading toward Pyeongchang-dong.

He intended to persuade Chairman Cheon to lend him money, no matter what.

Despite the circumstances, there was no concern in Chairman Jang’s mind about going bankrupt.

‘How can I convince Chairman Cheon?’

* * *

“Are you going to meet him?”

“Yes, I’ll handle it.”

“Alright, I understand.”

My grandfather handed over the meeting with Chairman Jang to me.

A little while later, I stepped out of my study upon hearing that Chairman Jang had arrived.

“It’s been a while, Chairman Jang.”

“Oh, I didn’t know you were here. Isn’t the Chairman inside?”

“He’s unwell. You can talk to me; I’ve been given full authority.”

“Huh…”

Chairman Jang frowned, clearly offended.

It seemed he still hadn’t grasped the situation.

I smiled nonchalantly.

“Shall we move to the reception room?”

I led him to the reception room instead of the study.

We sat facing each other without Chief Ha present.

“What would you like to drink?”

“…Is Chief Ha not here?”

“Didn’t I mention I’ve been given full authority? If you have no intention of discussing, you may leave at any time.”

The firmness in my tone made Chairman Jang’s expression sour, but he didn’t stand up.

“If you’re not planning to leave, let’s get to the point. We have no intention of acquiring convertible bonds. Hyeonbo’s stocks are worth less than paper at this point.”

“What? You think you can just say that?”

“I believe negotiations with creditors have already fallen through, correct? Do you have the funds to cover the 5 billion won promissory note returning on the 23rd?”

Hyeonbo Group, ranked 14th in the business world, would end up declaring final bankruptcy by writing off their stocks after failing to cover a 5 billion won promissory note due to Hyeon Steel.

But 5 billion won was just the tip of the iceberg. Hyeon Steel’s debts exceeded a staggering 5 trillion won.

“The bank will handle that; that’s not the urgent matter.”

“Then let’s see something else, not convertible bonds.”

“Do you have a request? Speak up.”

The only asset Hyeonbo had left was real estate.

The prime lands owned by Hyeon Construction nationwide.

“Currently, the total value of the real estate on the market is 310 billion won, right?”

“Yeah, would you buy it?”

“Not at market value.”

Chairman Jang’s face twisted in frustration.

“Listen here, young man.”

“We’ll sign a contract for 200 billion won and agree to pay on February 1. If you’re not interested, consider negotiations off the table.”

The banks had already dumped all their stocks related to Hyeonbo on the market, causing prices to plummet.

Even with the completion of the Dangjin steel mill, the stocks were still crashing.

“…Let me think it over.”

“At this point, I doubt anyone is willing to lend Hyeonbo money, buy bonds, or even purchase land. The Federation of Korean Industries? They’re likely negotiating to divide up the spoils once Hyeonbo collapses. You know that, right?”

Chairman Jang bit his lip hard.

He couldn’t refute my point.

Before coming here, he likely sought help from other major corporations, but like hyenas, they would never help him willingly.

They probably only suggested he sell his subsidiaries for a ridiculous price. He was undoubtedly feeling crushed.

“Huh…”

Chairman Jang’s heavy sigh sounded like surrender to me.

After going bankrupt, he would have to compete against many rivals to acquire that land. That was all Hyeonbo had left.

Ultimately, Chairman Jang raised the white flag.

“Alright, I’ll sign the contract, but you must deliver by February 1.”

“Understood. You know the creditworthiness of Pyeongchang-dong, right?”

I smiled calmly.

If they went bankrupt after signing the sales contract, it would simply mean handing over the money to the creditors.

Chairman Jang wouldn’t be able to take a single penny.

I had Manager Ma prepare the contract in advance.

“Huh… Did you prepare this in advance?”

“It was the last chance.”

He examined the contract for a long time.

“There shouldn’t be any issues. It’s a contract that has already been reviewed by Yun & Jang. We just need to fill in the amount and sign.”

Before long, Chairman Jang signed the contract, and I signed it as well, taking a copy for myself.

“Thank you for a good deal.”

“Please make the deposit quickly.”

“Understood. I’ll prepare everything and ensure the deposit is made by February 1st at the latest.”

The party to the contract was not Chairman Jang, but Hyeonbo Corporation.

The contract had been meticulously revised multiple times by expert lawyers to ensure there would be no issues, even with Chairman Jang facing bankruptcy.

“It was a good deal, Chairman Jang. Let’s meet again with smiles next time.”

“Got it. Once the urgent fire is put out, we’ll meet again.”

As I saw Chairman Jang off, there was no sign of him feeling the least bit intimidated.

‘I’m looking forward to three days from now.’

“Young master, the chairman is waiting for you.”

“Yes, let’s go.”

At Chief Ha’s words, my grandfather entered the study where Chairman Seo was waiting.

“You seem to be in a good mood. What did you decide?”

“We decided to purchase real estate. The market value is around 300 billion won, but we contracted to buy it for 200 billion. If Hyeonbo goes bankrupt between the 23rd and 25th, we plan to negotiate with the creditors to acquire it.”

I explained in detail the conversation I had with Chairman Jang.

Grandfather wore a smile throughout my explanation.

“Well done. Land never disappoints.”

“It’s the only thing worth eating, after all.”

Nodding, Grandfather continued,

“If Hyeonbo goes bankrupt, the aftermath will be unimaginable. The banks will take a severe hit.”

“There will be a chain reaction of bankruptcies.”

“This is serious.”

It was indeed serious, but no one seemed to think so.

On January 23rd, Hyeonbo Steel failed to cover a 5 billion won promissory note, and ultimately, Chairman Jang signed the stock forfeiture document, leading to final bankruptcy.

It was the price for ignoring the creditors’ demands.

The government could no longer provide support, fearing it would lead to preferential treatment controversies during this year’s presidential election.

This was the first corporate group’s bankruptcy since the regime was ostracized internationally after being forcibly dismantled.

And on the 25th, Hyeonbo Group, including Hyeonbo Corporation, was declared bankrupt.

The day before Hyeonbo’s bankruptcy,

I visited Daehyeon to see Chairman Song.

“Don’t get greedy with Hyeonbo, Chairman.”

“What?”

“Aren’t you coveting Hyeonbo Steel?”

“Huh… You seem to see right through me.”

“The moment you try to grab it, Daehyeon will be in danger too. It’s a poisoned frog.”

As I saw Chairman Song deep in thought, I delivered the final blow.

“I’ve already signed contracts for all the land that Hyeonbo Steel and Hyeonbo Construction own. There won’t be anything left to eat.”

“What? Is that true?”

“Yes.”

“You fool! How could you buy that? It’s something you could get for free!”

The thoughts of the conglomerate heads were simple.

If Hyeonbo went bankrupt, they planned to negotiate with the government to acquire the company, eliminate its debts, and tear apart any assets that could be sold for profit.

Of course, they intended to take out loans from banks to pay for the acquisition.

Such absurdity was all too common in Korea in 1997.

“There must have been many competitors back then. Since the contract was with the company, not Chairman Jang, the payment can be postponed until February 1st. The bankruptcy cannot be stopped. I know you are attached to the Dangjin Steelworks, but Hyeonbo is also in danger.”

“…Who else knows about this?”

“Aside from you, only the chairman knows, excluding Pyeongchang-dong.”

“Absolutely don’t speak of it anywhere.”

“There’s no one to tell anyway.”

A playful glint appeared in Chairman Song’s expression.

Pretending to compete with Chairman Seo of Il-sung, he likely planned to offload it at a high price to Il-sung..

My prediction was spot on.

* * *

The Federation of Korean Industries held an emergency meeting regarding Hyeonbo Group’s bankruptcy issues.

A gathering of the top business leaders ranked within the top 20 of the industry.

The only point of contention was who would benefit from what.

Not a single person was worried about Hyeonbo Group’s bankruptcy.

While smaller businesses might deal with the fallout, the top-tier companies like Daehyeon, Il-sung, and Jungwoo were eengaged in fierce discussions about the most profitable assets: Hyeonbo Construction and Hyeonbo Steel.

“Daehyeon should give way, Chairman Song. You’ve already stepped down, so where’s your son? Why are you here personally?”

“Hey, that’s a bit harsh.”

“Your era has come to an end.”

Those were the words of Chairman Seo Yong-geon of Il-seong Group..

Chairman Song was secretly amused but pretended to be angry on the surface.

“You brat! I’m Song Young-ju of Daehyeon. I’ve supported the economy of Korea alongside your father!”

“I know. So please step aside. Hyeonbo will be divided between me and Chairman Park.”

“Huh…”

Chairman Song looked back and forth between the two with an incredulous expression, thinking,

‘Mu-hyeok, you little rascal.’

That day, the emergency meeting concluded with Il-seong Group acquiring Hyeonbo CConstruction and Jungwoo Group taking Hyeonbo Steel.

“You’ll regret this. I won’t step down so easily. Let’s see who ends up on top in the end.”

Chairman Song’s threats would ultimately weigh on Il-sung and Jungwoo..

Meanwhile, at that very moment, Kim Mu-hyeok boarded a flight toHong Kong.