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| Korean Air office building (Photo = Bridge Economic DB) |
The ‘Grand Deal’ between Korean Air and Asiana Airlines faced the first hurdle when the ‘tripartite alliance’ (KCGI-Cho Hyun-ah, former vice president of Korean Air-Bando Construction), which is waging a management control fight With Cho Won-tae, Chairman of Hanjin Group, he launched a legal battle.
According to related industry sources, on the 22nd, an interrogation on the provisional injunction prohibiting the issuance of new shares will be held in the Seoul Central District Court on the afternoon of the 25th, in connection with the Hanjin Kal’s resolution for a capital increase paid to a third party that KCGI applied. The Korean Development Bank is scheduled to pay Hanjin Kal’s paid-in capital increase on the 2nd of next month, and a court decision must be made before then.
KCGI filed an interim injunction requesting that KCGI’s investment in Hanjin Kal be merely a means of defending President Cho Won-tae’s management rights and invalidating the issuance of new shares for a paid-in capital increase assigned to a third party. If KCGI’s request for an interim injunction is cited in court, it increases the possibility that Korean Air’s acquisition of Asiana Airlines will be canceled. This is because it is difficult for KDB to invest in Hanjin Kal, making it difficult for Korean Air to raise funds to acquire Asiana Airlines.
For the court to raise the hand of KCGI, it must be clear that the issuance of new shares is the purpose of defending the management rights of Chairman Cho. KCGI insists that it infringes on the right to acquire new shares from existing shareholders and the issuance of new shares without the need for urgent management. In response, Saneun and Korean Air plan to go ahead with the justification for the acquisition emphasizing that restructuring of the aviation industry is essential due to the Corona 19 incident.
In particular, the KDB stressed that if the administration’s performance is insufficient, it will exercise a strong braking right to resign President Cho from the administration’s front line. Some analysts say this move by KDB was not a number ahead, making it difficult for the court to cite a request for a temporary injunction. The KDB’s position of not exercising unequal voting rights is interpreted as rendering the issuance of new shares ineffective in defending Chairman Cho’s management rights.
Earlier, Sang-eun Choi, Vice Chairman Choi Sang-hyeon, said in an online briefing on 19: “If a request for interim injunction is cited, the combined transaction between Korean Air and Asiana Airlines will inevitably be canceled.” “We will quickly find the next best option.” He transmitted the will.
On the other hand, even if the request for temporary injunction is dismissed, KCGI will send a signal that it will not give up the fight for management rights and the battle is expected to continue for the time being. On the 20th of this month, KCGI requested Hanjin Kal to convene an extraordinary general meeting of shareholders. It is a position to reorganize the board of directors with new directors who have experience and independence while maintaining the responsibility of the board of directors that decided to take over Asiana Airlines. If Hanjin Kal does not accept the convening of an extraordinary general meeting of shareholders, he can request the convening of the general meeting with judicial authorization.
Additionally, Grace Holdings, a subsidiary of KCGI, announced a contract with Meritz Securities and Hanjin Kal 5.5 million as collateral on the 12th and received a loan of 130 billion won. Former Vice President Cho Hyun-ah also received 550,000,459 shares of Hanjin Kal as collateral for Hana Financial Investment on the 16th of this month and 63,459 shares as collateral for SK Securities on the 17th. On the 29th and 30th of last month, the former vice president Cho executed equity-backed loans at Woori Bank, Korea Capital and Sangsangin Securities. It is noted that the successive loan foreclosures by KCGI and former Vice President Cho are to secure real bullets to prepare for the dispute over management rights.
Reporter Kim Sang-woo [email protected]
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