South Korea Sets Up Task Force For Corporate Restructuring

South Korea's financial watchdog said Wednesday it would set up a task force to advise troubled companies on corporate restructuring to help them ride out the credit crunch, Agence France-Presse reported today. The team of 43 experts will be formed Friday and work for one year, the Financial Services Commission said. South Korea has announced a series of steps to lessen the effect of the global slowdown, including $16 billion in loans to ease a dollar shortage for firms importing raw materials and exporting goods. Private banks have been increasingly reluctant to extend loans, especially to smaller firms, as credit dries up while the export-led economy slows down. Corporate bankruptcies hit a three-year high in October. Read more.