Woongjin Energy to submit reorganization plan Korean solar firm delisted from local bourse
Translated by Ryu Ho-joung 공개 2020-06-03 08:00:07
이 기사는 2020년 06월 03일 08:00 thebell 에 표출된 기사입니다.
South Korea’s Woongjin Energy is set to submit its new reorganization plan soon to the Seoul Bankruptcy Court after its failed attempt to sell itself earlier this year, sources familiar with the situation said.The photovoltaic business arm of Woongjin Group currently has until June 3 to file its reorganization plan. As the bankruptcy court approved the extension of the deadline four times already, the chances of a further delay are pretty slim, the sources said.
The company, which filed for bankruptcy about a year ago, originally sought to sell itself to reorganize its operations. Several foreign potential investors showed interest but ultimately none made an offer. According to an inspection report submitted to the court last fall, the company’s liquidation value was estimated at about 80 billion won ($65 million).
As its sale attempt flopped, the debtor is expected to propose a repayment schedule for its creditors based on the operating cash flow forecast for the next 10-year period as part of its reorganization plan. Woongjin Energy’s debt totaled 195.5 billion won, although the amount can be reduced after a debt-for-equity swap upon approval by the court.
“Once Woongjin Energy’s reorganization plan is confirmed, a group of creditors will become the largest shareholder in the company,” an industry insider said.
Woongjin Energy was delisted from the local stock exchange on June 1 after its financial statements were given a disclaimer of audit opinion for two consecutive years. There are chances that a controlling stake in the company may be put up on the market again if its creditors seek to collect their debt through a sale.
Woongjin Energy is considered the starting point of Woongjin Group’s liquidity crunch. It is the country's last remaining manufacturer of ingots and wafers for solar cells. The company recorded revenue of 165.8 billion won and operating loss of 56 billion won for 2018 and a deteriorated performance in 2019 with 41.8 billion won in revenue and 59.3 billion won in operating loss.
(Reporting by Ik-hwan Choi)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- '재무개선' AJ네트웍스, 조달비용 '확' 낮췄다
- '9년만에 엑시트' 한앤코, 한온시스템 거래구조 살펴보니
- 한국타이어앤테크놀로지, 한온시스템 인수한다
- [수술대 오른 커넥트웨이브]2대주주 지분매입 나선 MBK, 주식교환 카드 꺼냈다
- [이사회 모니터]이재용 에이비프로바이오 대표, 바이오·반도체 신사업 '드라이브'
- 와이투솔루션, 주인 바뀌어도 '신약' 중심엔 美 합작사 '룩사'
- 아이티센, 부산디지털자산거래소 본격 출범
- 아이에스시, AI·데이터센터 수주 증가에 '날개'
- [이사회 모니터]서정학 IBK증권 대표, ESG위원회도 참여 '영향력 확대'
- SW클라우드 '10주년' 폴라리스오피스, “초격차 밸류업”