Chapter 32: Tell Me the Exceptions

The unusual movement from the creditors began to be sensed not long after the monthly executive board meeting had ended.

“The creditors have started to review the debt clauses.”

Tap, tap, tap.

Park Jin-hyuk sat at his office desk, drumming his fingers as he listened.

In front of him, Hyun Yi-soo was explaining the creditors’ movements.

“Some of the creditor companies are already openly signaling that they won’t permit an extension of maturity.”

“What’s their reason for refusing to extend the maturity?”

“They keep harping on liquidity issues.”

“So even collecting the Basmaia receivables isn’t enough for them? There shouldn’t be any liquidity issues under the current circumstances, should there?”

“That’s correct. We’re pulling out of any businesses that could pose a problem, so just looking at the present, there’s nothing to worry about in terms of liquidity. But what we built up in the past is holding us back. We should’ve wiped out past deficits and resolved liquidity as we collected the receivables, but the painful truth is, most of the money that came in was consumed by delayed wages and contractor fees from advancing the Basmaia Project.”

“So even after collecting over 600 billion won in receivables, this is where we are… If we hadn’t collected it… That explains why President Park so confidently brought up the paid-in capital increase.”

Park Jin-hyuk frowned as he recalled Park Soo-man’s confident talk about the third-party allotment paid-in capital increase at the first monthly executive board meeting.

Hyun Yi-soo, gauging Park Jin-hyuk’s expression, spoke cautiously.

“For now, let’s try meeting the creditors.”

“If I’m going to meet the creditors, who should I meet? It’s not just one or two places.”

“Two or three major banks should suffice. The share of bank-held debt isn’t overwhelming, but once they decide, the smaller creditors just follow the big ones’ lead.”

“Is that so? Then set up a time. The sooner, the better, so arrange it as quickly as possible.”

“Yes, I’ll get in touch right away and set a meeting time.”

Hyun Yi-soo let out a sigh of relief as he left Park Jin-hyuk’s office.

He’d worried that Park Jin-hyuk might refuse to go to such an uncomfortable meeting, but seeing that Park wasn’t averse to meeting people, Hyun Yi-soo felt a weight lifted.

In fact, ever since the days under Yoo Jeong-geol, Park Jin-hyuk had never shied away from meeting people.

He liked having conversations and enjoyed reading his counterpart’s intentions in psychological battles.

Whether that was in his nature or an occupational hazard from his years in sales, no one could say for sure, but he clearly liked meeting new people and talking with them.

After Hyun Yi-soo left, Park Jin-hyuk sat in his seat for a while with his eyes closed, pondering what kind of outcome Park Soo-man was aiming for.

The creditors’ sudden refusal to extend the maturity didn’t seem to be entirely their own decision.

He was certain Park Soo-man had, openly or not, influenced things, and the creditors’ refusal was in response to that.

‘In the end, he wants to force through the third-party paid-in capital increase…’

Park Jin-hyuk closed his eyes for a moment and leaned his head back against the chair, lost in thought.

A little later, Hyun Yi-soo returned and reported that he’d arranged a dinner meeting with the presidents of three major creditor banks.

Nodding, Park Jin-hyuk checked the time and closed his eyes again.

Park Jin-hyuk remained deep in thought until it was time for the meeting, then left the DS Construction headquarters building with Hyun Yi-soo.

“The dinner is set at a quiet Japanese restaurant not far from the company.”

“Alright, understood.”

At Hyun Yi-soo’s gesture, Secretary Kim smoothly pulled the car away from the headquarters.

Even after getting in the car, Park Jin-hyuk just silently gazed out the window for a while.

Hyun Yi-soo, seeing how out of sorts Park Jin-hyuk had seemed lately, couldn’t easily bring himself to speak.

Having spent several months together, this side of Park was entirely new to him, and he felt himself unconsciously shrink back.

After about twenty minutes, their car pulled up in front of a black, two-story building.

The group got out and entered the building.

The interior was even quieter and neater than the clean lines suggested from outside.

The private room, guided by the staff, was so spacious and luxurious that “room” hardly seemed an apt word—it clearly felt like a special suite prepared for important guests.

No one else had arrived yet, so a small waterwheel spinning in one corner was the only thing welcoming Park Jin-hyuk’s party.

Park Jin-hyuk found an empty seat and sat first.

Hyun Yi-soo sat next to him and began to say what he’d been unable to say in the car.

“Director. Whatever the bank presidents say, just smile and let it pass.”

“Just smile and let it pass?”

“Yes. This meeting is for listening to what they want, so even if they say things that differ from your thinking, please just let it slide with a smile.”

“You’re worried I might cause some trouble, aren’t you?”

Hyun Yi-soo could only offer an awkward smile in response.

From Hyun Yi-soo’s point of view, Park Jin-hyuk was still not yet thirty, someone who’d never had to humble himself to anyone.

Over the last few months, he’d shown no hesitation in dealing harshly with anyone who displeased him, so Hyun Yi-soo was worried he might cause a scene at the dinner.

No one could say what would happen later, but for now, DS Construction was the one in a position to be asking favors.

If the big creditors refused to extend the maturity, the waiting private bondholders would surely follow suit.

“The combined scale of the three creditors we’re meeting today doesn’t exceed 20% of the total. But if word gets out that the banks didn’t approve the extension, even foreign private equity funds involved in leases and corporate bonds could rush in. So even if they make strange demands or say unreasonable things, please don’t take offense—just listen. I’ll handle the rest.”

Hyun Yi-soo was starting to regret bringing Park Jin-hyuk to such a meeting in the first place.

Maybe it would’ve been better to handle the negotiations himself and only bring Park for the final greeting.

But in truth, he couldn’t do that either.

At meetings like this, those seated at the table had to be of equivalent rank, and Hyun Yi-soo was not yet in a position to sit across from a bank president.

Park Jin-hyuk’s apparent status wasn’t high enough on paper either, but his lineage made up for that.

And the three bank presidents had agreed to attend because they wanted to meet the emerging face of DS Construction.

“Don’t worry. I know what kind of meeting this is. In settings like this, I’m even better than you, Deputy Hyun—just watch.”

He didn’t go into detail, but Park Jin-hyuk knew he was more than used to being in the position of supplicant, serving those in power.

He wasn’t nervous at all; in fact, if he set his mind to it, he could be so accommodating that he’d have the bank presidents loosening their collars and tying their belts around their heads.

“They’ve arrived.”

Secretary Kim, who’d been waiting outside, opened the door and announced the bank presidents’ arrival, then led them inside.

“Pleased to meet you. I’m Park Jin-hyuk, Director of Restructuring at DS Construction.”

“Ah, yes.”

“Thank you for coming all this way. I hope you find today’s setting agreeable.”

As Park Jin-hyuk bowed in greeting and gestured for the bank presidents to sit, they introduced themselves in turn and took their seats.

Park Jin-hyuk shook hands and greeted them with a smile as if they were old friends.

Watching Park’s natural and relaxed manner, Hyun Yi-soo realized his earlier worries had all been pointless.

‘Just what kind of person is he?’

Even the way Park handled greetings was so effortless that Hyun Yi-soo was too exhausted to be surprised anymore.

While Park Jin-hyuk and Hyun Yi-soo welcomed the bank presidents as hosts, the presidents were busy sizing up Park Jin-hyuk.

“It’s a pleasure to finally meet the DS Group’s Director Park, whom I’ve only heard about in rumors.”

“It’s my honor to hear you say that.”

“You’re very different from what the rumors suggested.”

“My reputation is a little… Well, you know. I hope you’ll trust your own eyes, not the rumors.”

“It’s true that rumors are always exaggerated.”

“That’s right, most of what’s said about me is pretty overblown.”

Since he knew exactly what rumors they meant, Park Jin-hyuk was quick to laugh and set a friendly tone.

Even as Hyun Yi-soo called a staff member to bring out the prepared food, Park’s conversation with the bank presidents continued smoothly.

“So, will you be actively participating in management from now on?”

“Well, I’m not getting any younger—I can’t just lounge around at home. It’s about time I started moving.”

“Then we’ll be seeing you often.”

“I hope to benefit from your guidance in the future.”

“Oh no, we should be asking for your favor. You’ll be overseeing many projects at DS Group—please use our bank often.”

“There are others present, so would it be okay for me to openly say I’ll favor OO Bank? I’ll call you separately with details. Haha.”

The food hadn’t even arrived yet, but Park Jin-hyuk and the bank presidents were already exchanging jokes, creating a lively, friendly atmosphere.

With everyone chatting and laughing, it was hard to believe this meeting was about the refusal to extend bond maturities.

Seeing the good mood, Hyun Yi-soo looked at Park Jin-hyuk with an expression that said he was worn out.

Just moments ago, Park had looked decidedly displeased, and Hyun Yi-soo had been worried all the way to the restaurant.

But now, it was clear that the only one not adapting to the situation was Hyun Yi-soo himself.

He was so unsure when to step in that Park Jin-hyuk had to look after him.

“To be honest, the seat I’m in right now actually belongs to Deputy Hyun here. I’m only here because I was born with a silver spoon in my mouth. For business discussions, talking to Deputy Hyun will be much faster. If you talk to me, you’ll just get frustrated.”

As Hyun Yi-soo awkwardly smiled and greeted the bank presidents, the food was brought in.

With the meal served and the drinks poured, everyone toasted to the meeting.

Then, the conversation turned to the real reason for their gathering.

“I heard you’ve decided not to extend the bonds held with DS Construction. Is that correct?”

“That’s right. To be honest, extending the bonds is a bit difficult for us.”

“Could you tell me why?”

Park Jin-hyuk casually poured a small white sake bottle for the ㅁㅁ Bank president as he asked.

The bank president, his face flushed from the alcohol, answered.

“We’d like to extend the bonds too. But if we do that for a company with liquidity problems, we’ll catch flak from our own board.”

“It’s the same on our side. There’s a standard for bond maturity extensions, and DS Construction just doesn’t meet it—frankly, that’s the reality.”

“Oh come now, everyone knows these standards aren’t absolute. Can’t we be a little flexible—sometimes it’s better for everyone.”

“We’d like to, we really would… but honestly, Director Park, it’d be quicker for you to resolve things internally.”

“What do you mean by that?”

Park Jin-hyuk had a suspicion about where this was going, but feigned ignorance.

The ㅇㅇ Bank president, seeming to enjoy the conversation, set down his glass and leaned in.

“All three of our banks deal with DS Group—not just construction, but all the subsidiaries. Of course, the volume differs by affiliate, so we’re naturally closer with those performing well. When we get requests from those good partners, it’s hard for us to refuse. Director Park, you’ll come to understand this as time goes on. People might think banks have the upper hand, but the truth is, the real power is with the borrower. And honestly, despite our title of bank president, we’re just salaried men—we have no choice but to comply. You understand, right?”

The other bank presidents nodded in agreement.

It was obvious that all three had received pressure from the main DS Group affiliate not to extend the bond maturities.

And it wasn’t hard to guess exactly who had applied that pressure.

“Still, isn’t it a bit much to go along with such unreasonable requests…?”

“Deputy Hyun, try this. It’s so fresh, it’s amazing.”

When Hyun Yi-soo, forgetting himself, began to raise his voice, Park Jin-hyuk gently stopped him and addressed the bank presidents with a smile.

“I understand. I know well the difficulties of being a salaryman. But I have my own troubles too, so please understand my position.”

“After meeting you, Director, I understand completely. But what can we do? You know how, just before succession, these problems always pop up at chaebols. Power struggles in management, family feuds—they’re part of the fate of conglomerates, and you have to shoulder that burden.”

Even as the bank presidents grew tipsy, Park Jin-hyuk never lost his smile.

He poured another round and spoke again.

“How about this?”

“What do you mean?”

“There’s always an exception, isn’t there? Even if we don’t meet the standard, there’s always a clause for exceptional cases. Tell me about that. I’d like to hear it.”

Hyun Yi-soo looked at Park Jin-hyuk.

It was only after hearing those words that Hyun Yi-soo realized—

‘So this was what he wanted all along.’

With that, Hyun Yi-soo felt the alcohol he’d had just moments before evaporate right through the top of his head.