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On the 25th, interrogation of a temporary injunction against the issuance of new shares by the Seoul Central District Law … Argument lost when cited
KCGI requires Hanjin Kal to convene an extraordinary shareholders meeting
‘Comment war’ between Korean Air and Asiana Airlines employees on no-no conflict
When Korean Air began taking control of Asiana Airlines seriously, it was the first to come to terms with a lawsuit that could destroy the acquisition itself.
Following the filing of a lawsuit by KCGI, an activist private equity fund (PEF), which has confronted the chairman of Hanjin Group, Cho Won-tae, over the management of Hanjin Group, conflicts are expressed among employees of both companies and the acquisition is expected to be a difficult journey.
According to industry sources, on the 22nd, an interrogation will be held at the Seoul Central District Court on the afternoon of the 25th of this month on the afternoon of this month on the afternoon of the 25th of this month.
Since the 2nd of next month is the date of the payment of Hanjin Kal’s paid-in capital increase by the Korean Development Bank, the court’s decision is expected to be made no later than the 1st of next month.
Since the decision to take over, KCGI has insisted that KDB’s investment in Hanjin Kal is a means to uphold the management and control rights of Chairman Cho Won-tae. I applied for the temporary provision.
KCGI has formed a “tripartite shareholders association” in cooperation with Bando E&C and former Korean Air Vice President Cho Hyun-ah and is in conflict with President Cho over management rights.
KCGI appears to have held back the acquisition of Asiana Airlines, as KCGI believes that if KDB secures a stake in Hanjin Kal through a third-party capital increase, it can serve as a “friend” to Chairman Cho.
If KCGI’s request for an interim injunction is subpoenaed in court, 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.
Sang-eun Choi, vice president of Saneun, told a press conference on 19 this month that “if the request for temporary injunction is cited, the combined transaction of Korean Air and Asiana Airlines will inevitably be canceled.
The industry believes that the court is unlikely to cite the request for a provisional injunction, but the court’s ruling may be different depending on how it considers the purpose of issuing these new shares.
If the court determines that the issuance of new shares infringes on the right to assume control of existing shareholders and that there is no urgent need for management, the request for interim injunction will most likely be cited if the court determines that the purpose to defend the management rights of President Cho.
Consequently, KDB and Korean Air are emphasizing that this is an acquisition to reorganize the aviation industry, which is in crisis due to the new coronavirus infection (Corona 19).
KDB’s position, which emphasizes that President Cho is retired from the front line of management and does not exercise favorable voting rights, is a factor that makes it difficult for the court to interpret the issuance of new shares as a defense of management rights. of President Cho.
Even if the request for temporary injunction is dismissed, the KCGI ‘count’ does not stop.
On the 20th of this month, KCGI requested Hanjin Kal to convene an extraordinary general meeting of shareholders.
At the extraordinary general shareholders’ meeting, the board of directors that led the acquisition of Asiana Airlines and decided to assume responsibility for the board of directors, and the new directors with experience and independence, will form the majority of the board of directors.
If Hanjin Kal does not agree to the convening of an extraordinary general meeting of shareholders, he may call a general meeting with the permission of the court.
The conflict between Chairman Cho and the shareholders of the trilateral association, as well as the conflict between Korean Air and Asiana Airlines employees and the no-no conflict, is a task that Korean Air must resolve.
The union’s joint countermeasures committee comprised of four unions from both companies, including the Korean Air Pilots Union, the Korea Air Employees Alliance, the Asiana Airlines Pilots Union, and the Asiana Airlines union, said: “It is It is necessary to present concrete action plans to avoid restructuring. ” Urged.
The Joint Countermeasures Committee cautioned that it would avoid mergers and acquisitions through all legal and physical responses without the government’s clear position statement.
On the other hand, the Korean Air union, which has around 12,000 employees excluding Korean Air pilots, said: “We respect the acquisition decision” and differs from the four unions.
The Asiana Airlines Open Pilots Union, which initially expressed its intentions against the acquisition, has also withheld its position on the acquisition.
The relationship between the two companies, which has continued for more than 30 years since the founding of Asiana Airlines, is also expressed as a conflict between employees.
In the blind, an anonymous bulletin board application (app) for office workers, there is a “comment war” between Korean Air and Asiana Airlines employees.
Mainly, Korean Air employees oppose the acquisition and even defame Asiana Airlines employees.
Users who appear to be Korean Air employees left posts such as ‘Pray for Asiana’s bankruptcy’ and ‘Before you bow your head and enter’.
An Asiana Airlines employee said: “If the employees connect to the blinds, they even say that they will just get hurt and not connect at all,” and said: “There is no discrimination after integration, but it does not seem that the employees think “.
/ yunhap news
