Korea Express repays debts early

Korea Express will refund 27.8 billion won of clearance debts earlier than scheduled thanks to favorable sales activities and flourishing cash reserves, said the company on August 31.

It will repay the debts due at the end of this year on September 20 as profits before tax are expected to increase to 51.1 billion won in the first half of this year, explained the company.

Thereafter, creditors of Korea Express submitting documents to local branches of Korea Express by September 8 will receive the money with the 12.5% yearly interest discount rates from September 20.

Korea Express set the first repayment day at the end of this December.

"We made this decision to help cooperating companies which suffered from financial strain. Korean Thanks-giving, Chusok, seemed to be an appropriate time," said the company.