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The judgment of the court will be issued on the 1st of next month at the latest … Possibility of not taking charge in case of a temporary court order
Today a temporary court order is carried out questioning Hanjin Kal’s third-party capital increase with the acquisition of Asiana Airlines by Korean Air.
According to industry sources, on the 25th, the Seoul Central District Court questions a request for temporary injunction against the issuance of new shares raised by KCGI, an activist private equity fund, at 5 p.m. on the day of the resolution of Hanjin Kal to increase the capital allocation to a third party.
Considering that the 2nd of next month is the date of the payment of Hanjin Kal’s paid-in capital increase by the Korean Development Bank, it is highly likely that the court’s decision will be made through questioning on that day.
Inside and outside the industry, the court ruling is expected to come out this week and no later than the 1st of next month.
Previously, KCGI argued that KCGI’s investment in Hanjin Kal was a means of defending the management and control rights of Hanjin Group Chairman Won-tae Cho immediately following Korean Air’s decision to acquire Asiana Airlines. I requested it.
To integrate the two major airlines, KDB decided to invest 800 billion won in Hanjin Kal, which is at the top of the Hanjin Group governance structure, of which 500 billion won will participate in a paid-in capital increase. assigned to a third party.
The key is how the court sees the purpose of issuing new shares.
Article 418 of the Commerce Law and article 165 (6) of the Capital Markets and Financial Investment Law grant new shares to persons other than shareholders, as prescribed in the bylaws, if necessary to achieve the objectives of management of the company, such as the introduction of new technologies and the improvement of the financial structure. It stipulates that it can be assigned.
Hanjin Group said: “There is an urgent need to save Asiana Airlines and promote the long-term survival of the domestic aviation industry, and for this purpose, the most reasonable fundraising method under legal procedures is the legacy of a third party assignment to KDB “. He is insisting.
On the other hand, KCGI argues that “assigning new shares to a third party to defend management rights or control in a situation where disputes over management rights are a reality, violates the right of shareholders to acquire new shares. “.
If, as KCGI argues, the court infringes on the issuance of Hanjin Kal’s new shares and determines that it is not an urgent management need, it is the purpose of defending President Cho’s management rights, an interim court order can be accepted.
In this case, Korean Air’s acquisition of Asiana Airlines may be canceled.
This is because it is difficult for Korean Air to obtain funds to acquire Asiana Airlines without KDB’s investment in Hanjin Kal.
Hanjin Group repeatedly emphasized, “When the court cites an interim injunction, the acquisition is canceled because the prerequisites for closing the transaction are not met” and “KCGI is liable for all damages to the aviation industry and labor issues.” .
/ yunhap news
