The court forcefully approved the rehabilitation plan of HN Inc, an IT service and construction company in which the Pan-Hyundai family is the largest shareholder. Accordingly, Taecho E&C, an affiliate of Samramiders (SM) Group, purchased HN Inc.
Seoul Rehabilitation Court / News 1
The 3rd Rehabilitation Division of the Seoul Rehabilitation Court (Presiding Judge Byeong-wook Ahn) forcefully approved HN Inc’s rehabilitation plan, which was rejected on the 10th.
The court said, “Even if the approval were denied for failure to obtain majority consent, approval was deemed to be in the interest of all stakeholders, including creditors secured by rehabilitation, creditors of rehabilitation, and employees, so we establishing rights protection provisions for rehabilitation creditors and its mandatory approval.” .
HN Inc, a construction company with brands such as ‘Sun Anville’ and ‘Heriot’, applied for corporate rehabilitation procedures on March 21 last year. After that, the court decided to start rehabilitation procedures.
Thereafter, merger and acquisition (M&A) negotiations for HN Inc proceeded, and Taecho E&C, an affiliate of SM Group, was selected as the final acquisition candidate. The entire acquisition price of 15 billion won was also paid.
However, at a stakeholder meeting held on the 3rd, the rehabilitation plan focused on M&A was rejected because the rehabilitation creditors failed to meet the approval requirements. The rehabilitation secured creditor stated that the approval requirements were met.
The court approved the rehabilitation plan ex officio, taking into account the fact that more than half of the rehabilitation creditors agreed to the rehabilitation plan and the fact that the M&A acquisition price had been paid in full and that the possibility of implementing the rehabilitation plan very high.
HN Inc’s largest shareholder is Jeong Dae-seon, a member of the Pan Hyundai family and husband of former publisher Noh Hyun-jung. At the end of last year, Mr Jeong was found to own 81.3% of HN Inc. Mr Jeong is the grandson of the late Chung Ju-young, the honorary chairman of Hyundai Group.
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