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How the U.S. Government Shutdown and Debt Ceiling Could Affect Korean Companies

October 15, 2013

By BEHNAM DAYANIM, SCOTT M. FLICKER, HAMILTON LOEB & DEVON WINKLES

Since October 1, the U.S. government has been “shut down” as a result of a funding impasse in Congress. Later this month, unless Congress approves an increase in the federal government’s borrowing authority, the country may be unable to pay its outstanding legal obligations. The situation can have significant effects on Korean businesses and financial institutions, including those involved in U.S. litigation or subject to U.S. agency action and owners of U.S. government securities.