Mayor Ahn Byung-yong: "Uijeongbu Light Rail Transit Will Not Stop"

Uijeongbu Mayor Ahn Byung-yong stated on January 5 during a New Year press briefing that "the Uijeongbu Light Rail Transit will not stop," and clarified the situation and measures concerning the project lender's notice of business termination rights.

The Uijeongbu Light Rail Transit project lender notified the project operator on January 2 of the exercise of business termination rights, as the grace period for exercising business termination rights expired at the end of 2016.

Consequently, it is expected that the project operator will file for bankruptcy through a board of directors resolution, and the bankruptcy ruling is anticipated to take approximately one to two months.

Mayor Ahn stated, "The project operator, which constructed the light rail transit as a revenue-generating private investment project and bears responsibility for its 30-year operation, is ignoring its social responsibility as a project operator after merely four and a half years due to management deficits," adding that "this situation not only disregards citizens' transportation benefits but also represents a breach of duties as a private business operator, creating a very awkward position for Uijeongbu City as a contracting party."

He continued, "Regardless of any circumstances, including the project operator's bankruptcy filing, the city cannot suspend operation of the Uijeongbu Light Rail Transit, which is a public asset, for citizens' transportation benefits. Should the project operator halt the light rail transit, the city will take all available legal, administrative, and financial measures to ensure minimal inconvenience to citizens," he said.

The city plans to keep all possibilities for negotiation with the project operator open through the end and will closely monitor the situation as it unfolds, including potential bankruptcy filings through the project operator's board of directors resolution.