• Advising debtors, creditors, investors, and other interested parties in connection with court-supervised insolvency proceedings such as bankruptcy and rehabilitation, including assisting creditors with the filing of claims.
• Assisting distressed companies with the formulation and implementation of restructuring plans, including negotiating with creditors and the court.
• Advising investors in connection with the acquisition and sale of distressed assets.
• Representing buyers and sellers of companies undergoing court-supervised insolvency proceedings.

International shipping companies, shipbuilding companies, construction companies, IT enterprises, affiliated groups, multinational corporations, financial institutions and investors looking for opportunities to participate in the mergers and acquisitions of insolvent companies or invest in NPLs.

The Insolvency & Restructuring Practice has advised domestic and multinational corporations on restructuring and insolvency proceedings, protection of creditors’ interests, and mergers and acquisitions of financially distressed companies.  More recently, lawyers in the Practice  provided advice regarding group-wide restructuring and solutions for the group and its affiliates.  The following is a list of representative cases:

Representation of Debtors

• Advised and assisted a foreign automobile manufacturer regarding all aspects of rehabilitation and bankruptcy procedures in relation to the restructuring of the manufacturer’s Korean subsidiary. 

• Represented the debtor in the P-Plan rehabilitation proceedings of Daeji Development Co., Ltd. operating Yangpyeong TPC Golf Club. 

• Represented and defended a creditor company in the rehabilitation case of minor shareholder of golf clubs (Adonis CC, Etc.).

• Advised on group-wide corporate restructuring and solutions for an enterprise group and its affiliates.

• Advised on operational and financial restructuring of a large enterprise and its affiliate.

• Advised Samsun Logics Co. Ltd., on its corporate restructuring by assisting with its application for rehabilitation proceeding and obtaining recognition of the Korean rehabilitation proceedings in foreign jurisdictions. 

• Advised on out-of-court restructuring of Pantech Co., Ltd. 

• Applied for and advised on rehabilitation proceedings of construction companies.

Representation of Creditors

• Represented a creditor in collecting ordered products from a bankrupt supplier. 

• Advised on responding to a petition for rehabilitation filed by a member of subcontractor consortium. 

• Advised a heavy industry company’s participation in rehabilitation procedures and a plan for collecting remaining claims. 

• Advised a number of nationwide commercial banks in the restructuring proceedings of DSME Co., Ltd. 

• Advised LG International Corp. on plans to secure account receivables against a Chinese company which is a business partner of raw material processing trade. 

• Advised Toshiba Samsung Storage Technology Corporation on plans to protect license in the event of bankruptcy of a Korean company. 

• Assisted various creditors, including Goldman Sachs, to file their claims in the rehabilitation proceedings of Tongyang Group companies, and advocated on behalf of said creditors to obtain more favorable repayment terms under the each company’s respective rehabilitation plan.

• Represented Standard Chartered Bank Korea Limited in dispute regarding the termination of the information management services agreement entered into with TYN Co., Ltd., which was subject to rehabilitation proceedings. 

• Advised on collecting of claims and other responsive measures to be taken by suppliers which were under financially distressed situations.

Representation of Investors

• Represented the buyer of Resom Resort which was subject to rehabilitation proceedings, and advised the acquisition transaction through the stalking horse-style rehabilitation.

• Advised on the acquisition of claims at the time of bankruptcy proceedings of Hanjin Shipping Co., Ltd.

• Advised on out-of-court restructuring of several golf courses (i.e., Saint Four Golf and Resort). 

• Advised and assisted Bank of America Merrill Lynch regarding all aspects of transactions for the sale and purchase of non-performing charter and bond claims against Pan Ocean, one of Korea’s largest bulk carriers. 

• Advised on the acquisition of the 1st tier vendor subject to rehabilitation proceedings. 

• Represented the buyer of Pumyang Construction Co., Ltd. which was subject to rehabilitation proceedings, and assisted in persuading the court to terminate the rehabilitation proceedings despite a pending challenge to the Pumyang’s rehabilitation plan by creditors. 

• Advised on behalf of the buyer, to complete a large-scale of mergers and acquisition where a rehabilitation proceeding was filed against the seller, via a resolution of conflicts of interests.