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Corporate Rehabilitation, Bankruptcy and Workout

Introduction

ClassHankyul’s Corporate Restructuring Team consists of attorneys with experience serving as a trustee in bankruptcy, including the first chief judge of the Seoul Bankruptcy Court, attorneys specializing in corporate restructuring, accountants, and other professionals with rich hands-on experience and networks in courts and government agencies. The team offers integrated services covering the entire corporate restructuring process including: normalization support for and structural review of companies subject to restructuring; application for commencement of rehabilitation, bankruptcy, or workout procedure; assistance in drafting of various documents and legal advice following commencement of procedure; advisory services regarding the sale or acquisition of companies subject to restructuring, including rehabilitation M&A; rehabilitation supporting for companies subject to restructuring, including escrow services following the approval of rehabilitation plans.

These insolvency and corporate restructuring proceedings involve the interests of various stakeholders, including companies, shareholders, and creditors, as well as courts and government agencies, M&A acquirers, investors, and funders, and require not only legal analysis and application of various laws and precedents, such as the Debtor Rehabilitation and Bankruptcy Act, the Corporate Restructuring Promotion Act, the Commercial Act, the Financial Investment Services and Capital Markets Act, etc., but also a deep understanding of companies and industries in general, court practices, and the direction of various institutions and government policies.

ClassHankyul's Corporate Restructuring Team is committed to contributing to the practical resolution of disputes and the normalization of insolvent companies by seeking and proposing optimal coordination methods that satisfy all stakeholders, rather than merely providing legal advice, based on our extensive practical experience and knowledge of relevant laws, precedents, and theories.

Major Business

Review of restructuring options

- Review and recommendation of the optimal restructuring plan for the company subject to be restructured
- Assistance in the implementation of the proposed restructuring options

Investments in restructured companies

- Investment in non-performing loans (NPLs): NPL transfer, asset securitization, rights analysis
- Investment in and exit from restructured companies: acquisition of new shares/corporate bonds, transfer of old shares and management rights, asset and business transfers

Rehabilitation

- Application for initiation of rehabilitation proceedings: preparation of application for initiation, application for initiation, preservative measures, comprehensive injunction, interrogation of representatives, etc.
- Advice and litigation in connection with rehabilitation proceedings, including: adjustment, preparation of rehabilitation plans, bond filings, judgment on the evidence, disclaimers, disclaimers proceedings, preparation of legal opinions to the court, consultation with the court, administrators, creditors and other interested parties, and immediate appeals against (compulsory) confirmation decisions.
- M&A in rehabilitation proceedings: review of transaction structure, due diligence and advice on acquisition/sale of rehabilitated companies
- Supporting the execution and completion of rehabilitation proceedings: escrow support, interpretation of rehabilitation plans, advising on the execution and completion of rehabilitation plans, and filing for termination of rehabilitation proceedings

Bankruptcy proceedings

- Bankruptcy petition
- Advice and litigation related to bankruptcy proceedings: , judgment on the evidence, disclaimers proceedings, transfer of assets of insolvent entities, consultations with courts and bankruptcy trustees
- Performing bankruptcy trustee's duties

Workout

- Advice and litigation related to workout proceedings: advice to creditors and workout entities on workout proceedings, litigating among creditors, and between creditors and workout entities, and advice on investments in and M&A for workout entities
- Support for performing and closing workout procedures

Others

- Personal rehabilitation
- Personal bankruptcy
- Inheritance bankruptcy
 

Major Performance

Application for Rehabilitation Commencement

- Applied for rehabilitation for Shinsegae Development, Jinro Industry, Daea Lead Wire, Seoul Electronic Communications, New Millennium Development Jeil Direct, BAT, Gulbinara, BR&Science, Ace Steel, Buseong Entertech, Yukwon Development, Namkwang Construction, Seohyun Foundation, Gyeongan Construction, etc.

Application for Discontinuation of Rehabilitation

- Imdong, Geumseong Textile, Daeryuk Metal, Mechania, Samjeong Steel, Seven Star, Nature Origin, Youngpoong Pile, Joongang CNT, Chwiyongru, etc.

Advisory on Rehabilitation Procedure M&A, Investment and Sale of Rehabilitated/Worked out Companies

- Advised on investment and acquisition for KHE, Shinhan Heavy Industries, Shinhan Precision Industries, Capro, Seha, Paper Korea, Younghwa Engineering, Miju Steel, MOOC, Sungwoo Engineering, JMC Heavy Industries, Sanbon Station, Miju Steel, Sampo Industrial, Dynamac, Gwangsan, Woosung Wool, Segiri Tech, Semo, Hyundai IT, Etronics, Cheonggu, Seoul Cast Iron Industry, Daenong, etc.
- Advised on sale for Mercury, Fine Suntronics, Semo Shipbuilding Division, Anam Construction, etc.

Advisory and Litigation Related to Rehabilitation Procedures

- Advised to inhibit the rehabilitation approval on Beomyang Gunyoung, Maxrotech, etc.
- Appealed to compulsory confirmation of the rehabilitation on Jinro Industry, Hansarang Asan Medical Center, Mecatech, etc.
- Handled various claim allowance proceedings and avoidance power lawsuits

Application for Bankruptcy

- Lovely Shoes, KHE Engineering, E-Sun F&C, Seojeong, PI Partners, A Innovation, U&S Asset, Metropia, XPET Technology, Irum I&C, Seongjeon Industrial, Daedong Electronics, RF Korea, E Logistics, Park Max, etc.
 

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