The bank presidents who heard Park Jin-hyuk’s words exchanged glances, conversing silently with their eyes.
Watching them communicate with their eyes, Park Jin-hyuk smiled and spoke first.
“We’re not denying that we have liquidity problems. But even as we collect receivables and clean up unprofitable projects, liquidity keeps dragging us down, so we’re asking for your help. Frankly, if the creditor group doesn’t agree to extend the maturity, we’re really going to be in trouble. You don’t actually want DS Construction to go under, do you?”
At Park Jin-hyuk’s words, the bank presidents waved their hands dismissively.
“Come on, now. DS Group’s affiliate—no one wants to see it fail.”
“But if you don’t extend the maturity, it really could go bankrupt.”
“Surely… the Group will step in to help.”
“If that happens, what would that make me? This is the first thing I’ve done under my own name—if I go back to HQ with a bad result… Please, help us out. If you help, I won’t forget it.”
Even as he asked for help, Park Jin-hyuk didn’t bow his head in humiliation.
In the old days under Yoo Jung-geol, he’d have grovelled, even gotten on his knees on the table, but not anymore.
No matter how tough things got, he was still a contender for the next head of DS Group.
He asked for help—just enough not to appear servile.
The bank presidents knew well who was asking them for help.
And they understood exactly what he meant when he said he wouldn’t forget.
They swallowed dryly and looked at Park Jin-hyuk.
Throughout it all, Park Jin-hyuk never lost his smile, as if confident they would grant his request.
Watching him, the bank presidents finally spoke up.
“Well then… let me tell you our conditions.”
“Yes, that’s all I wanted. Conditions. Just let us know what they are, and we’ll meet them.”
As Park Jin-hyuk answered, the president of OO Bank, who was about to speak, glanced at the other presidents beside him, then turned back to Park Jin-hyuk.
“To get the creditors to agree to roll over the debt tied up with DS Construction, which is on the brink of capital impairment due to accumulated losses, you need to show additional capital injection.”
“An additional capital injection?”
“Yes. You need to show us that new business is underway and that you can keep the ongoing projects going.”
“So that’s what it was after all?”
The smile lingering on Park Jin-hyuk’s face faded.
They were, after all, talking about bringing in new funds, such as through a rights issue.
He was displeased with them demanding something he could never agree to, but he forced himself to calm down and looked back at the bank presidents.
Seeing Park Jin-hyuk’s expression change for a moment, the OO Bank president paused, but when Park Jin-hyuk’s smile returned, he smiled back.
Seeing this, Park Jin-hyuk nodded and said,
“A capital injection. Understood. So, as long as we bring in new funds, that will suffice?”
“And there’s one more thing.”
The president of MM Bank, who had been quietly observing, spoke to Park Jin-hyuk.
When Park Jin-hyuk turned to him, the president continued,
“There’s one more thing we need.”
“What is that?”
“We need to see the owner family’s resolve.”
“The owner family’s resolve? Can you elaborate?”
Park Jin-hyuk tilted his head, puzzled, trying to guess what they meant by ‘the owner family’s resolve.’
But Hyun Yi-soo, seated beside him, seemed to have understood, his face turning red and pale by turns.
If Park Jin-hyuk hadn’t been right next to him, Hyun Yi-soo looked ready to shout.
Watching his changing expression, Park Jin-hyuk realized the bank presidents were making excessive demands.
“When bringing in new capital, we want to see a responsible member of the owner family participate alongside you.”
“So, you’re saying you want the owner family to participate in the rights issue? Does that really matter?”
“Does it matter? Yes, it does. It shows that when the company is in trouble, it’s not just shareholders and creditors who suffer. It brings peace of mind and is the most concrete proof of determination to save the company.”
“Is that so?”
Park Jin-hyuk observed the bank presidents’ expressions one by one, then nodded.
And, without losing his smile, he said,
“Alright. I’ll think it over.”
At his words, the bank presidents’ faces brightened as they showered him with praise.
“You’re young, yet so decisive. I look forward to your future.”
“DS Group won’t have anything to worry about, not with such an excellent successor.”
“Let’s maintain a good relationship going forward. Please remember that our bank has always been favorable to DS Group.”
They talked as if they had accomplished something great.
Park Jin-hyuk smiled and thanked them, while Hyun Yi-soo could only bow his head, barely hiding his displeasure.
After wrapping up the talk on the rights issue, Park Jin-hyuk and the bank presidents simply chatted, passing the time.
An hour later, they stood and parted ways, promising to meet again.
Park Jin-hyuk and Hyun Yi-soo left the Japanese restaurant, stepping out into the cold night air to smoke.
Hyun Yi-soo didn’t know how to start, so he just looked at Park Jin-hyuk.
Park Jin-hyuk, knowing Hyun Yi-soo was watching, said nothing, just stared into the distance, inhaling cigarette smoke.
After finishing their cigarettes, they got into the car, and finally Park Jin-hyuk spoke to Hyun Yi-soo.
“Look into the rights issue.”
“Director, are you serious? Are you really planning to do a rights issue? Didn’t today’s meeting make it clear? They’re all people acting on Vice President Park Soo-man’s orders. ‘Owner family’? Hmph. That’s just a nice way of saying they want you, Director, to take responsibility and participate. And if you do, they might even use your headquarters shares as collateral. If things go wrong, you stand to lose too much.”
“You think I haven’t thought that far? I’ve considered everything, and I know what they’re after. That’s exactly why we need to seize the initiative.”
Despite Park Jin-hyuk’s words, Hyun Yi-soo vehemently objected.
“Even so, it’s not possible. You need money to participate in a rights issue. Ten or twenty billion won won’t cut it. You’d need at least hundreds of billions, and have to talk about sharing the pain. But Director, you don’t have that much cash on hand.”
Park Jin-hyuk did have assets worth trillions of won, but most of it was in stocks—assets he couldn’t easily touch.
He could use the five hundred billion won worth of real estate in his name, but they were large properties that would take time to liquidate.
It wasn’t money he could access right away.
“Secretary Kim. Start selling off the real estate under my name from tomorrow.”
“Yes, sir. Should I list it for quick sale?”
“No. Don’t sell in a hurry. That’d be wasteful. I’m not in a rush.”
He could probably raise hundreds of billions by liquidating his buildings and trust assets.
But Hyun Yi-soo saw no reason to go that far.
“Director, let’s wait and see how things develop. There’s no need to jump into a rights issue or decide on your participation just because they said so.”
Trying to calm him, Hyun Yi-soo spoke in a gentler tone.
But, contrary to Hyun Yi-soo’s assumption, Park Jin-hyuk wasn’t agitated at all.
If anything, he was calmer than usual, quietly observing the world around him.
“Uncle keeps bringing up the rights issue card. The first time I avoided it, but if I dodge again, he’ll keep pressing, a third, a fourth time. If I keep running and dodging, there’ll be no answer. It’s time to go on the offensive.”
“So, do you have a plan?”
“If they want a rights issue so badly, then let’s give them what they want.”
“What? You really mean to proceed? If you do, Construction will inevitably fall under Telecom’s control.”
Hyun Yi-soo felt frustrated at Park Jin-hyuk’s stubbornness, but Park Jin-hyuk’s expression was resolute.
“No. That won’t happen.”
“Then…”
Park Jin-hyuk turned to look out the car window.
He’d been troubled over this for a while.
He couldn’t let himself be swayed by this third-party allotment rights issue card forever.
He’d made up his mind, and today’s meeting with the bank presidents had given him certainty.
‘Unless I do a rights issue, they’ll never let go of Construction.’
If not this way, then another. If not that, then something else—they’d find every way to force a rights issue.
Just swatting away the mosquito buzzing around him didn’t suit his temperament.
He needed to attack after defending himself once.
Park Jin-hyuk turned his gaze back to Hyun Yi-soo.
“Let’s do a rights issue for existing shareholders.”
“For existing shareholders? That will definitely cause a share price crash. Bad news will spread too. If the rights issue fails, even restructuring success can’t be assured.”
“If the stock price doesn’t fall, the rights issue won’t fail. Announce that I’ll take on any forfeited shares. That will stop the price from dropping.”
“What do you mean…”
Hyun Yi-soo studied Park Jin-hyuk’s face, not understanding his intentions.
He wondered if Park Jin-hyuk really grasped the meaning of taking up all the forfeited shares himself.
But Park Jin-hyuk understood perfectly well.
In the days of Yoo Jung-geol, he’d dabbled in stocks, knowing there was no future in just living off a salary.
He’d made and lost plenty in stocks, juggling his ten-year life as a wage earner and stock trader.
So Park Jin-hyuk understood the stock market’s workings better than Hyun Yi-soo thought.
He’d experienced situations like this before.
“Calculate how much of a rights issue it would take to avoid seeing this mess again. If we need a capital injection, I’ll provide it. If the owner’s responsible action is needed, I’ll step up and do it. And announce that I’ll take responsibility for any forfeited shares. Then people won’t see the rights issue only in a negative light.”
Hyun Yi-soo steadied himself and thought about what Park Jin-hyuk was saying.
After a moment, he nodded.
“If this is made public, your responsible stance will be welcomed by existing shareholders.”
“Not just existing shareholders. Even new investors—if the price drops, it signals the entry point, so it will help.”
“But if you take up all the forfeited shares, Director, won’t you take on too much risk?”
“Risk? No, there won’t be any.”
“How come…”
“Because I’ll make the rights issue succeed. If it succeeds, there won’t be any forfeited shares. That way, I show a responsible face without spending a single won.”
“But succeeding at a rights issue is no easy task.”
“It’s not easy. But it’s not impossible, either. Just follow my lead. I’ll make the rights issue a success. If I do, we’ll gain a lot.”
Because Park Jin-hyuk spoke so confidently, Deputy Chief Hyun didn’t ask about the method.
But despite Hyun Yi-soo’s unease, Park Jin-hyuk already had a plan in his head.
He intended to put to use what he’d learned during his years navigating the stock market.
*****
The next day, DS Construction’s stock price began to fluctuate wildly.
Somehow, rumors spread that a third-party allotment rights issue was imminent, and that restructuring wasn’t going well, causing difficulties.
Hardly a day passed without new rumors spreading.
And each time, DS Construction’s stock spiked and plummeted as if struck by lightning.
“The amount of capital needed to resolve DS Construction’s liquidity issues is around 800 billion won.”
Finishing his report, Kwak Seok-gi glanced at Park Jin-hyuk for a reaction.
He was nervous, unsure how Park Jin-hyuk would respond to such a large figure.
But Park Jin-hyuk showed no reaction at all.
“Go on.”
Kwak Seok-gi looked at the other team leaders and Hyun Yi-soo sitting around the table, then continued his report to Park Jin-hyuk.
“According to our estimates, to raise 800 billion won, we’ll need to issue about 100 million new shares.”
“If we inject 800 billion won, there will be no more talk about liquidity problems?”
“Yes, that’s correct.”
“Alright.”
With that, Park Jin-hyuk stood up.
“Director, where are you going?”
Surprised by Park Jin-hyuk’s sudden movement, Hyun Yi-soo asked.
Park Jin-hyuk gestured for Secretary Kim, who was waiting behind him, to bring his coat and said,
“We can’t decide the rights issue on our own, can we? I need to report to the decision maker.”
“You don’t mean… you’re going to see the Chairman now?”
“Yes. I’ll go talk to him and get his approval.”
“We’re not ready yet. We need more time to prepare the reports with all the numbers.”
“I’ll send the report separately. Today, I’ll meet face to face and discuss it. I also have other things to ask him, so don’t worry so much. Deputy Chief Hyun, please prepare from now.”
Finishing, Park Jin-hyuk turned to Secretary Kim.
“Is the car ready?”
“Yes, just as you asked—I pulled it up and left it running. I’ve also notified headquarters.”
“Alright, let’s go. I’m going to find out exactly what that man is thinking today.”
As Park Jin-hyuk strode out, Hyun Yi-soo and the other team leaders could only watch him in a daze.