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Insolvency & Restructuring

"Leading team with a large pool of industry experts offering an impressive breadth
of restructuring and insolvency advice."
– Chambers Asia-Pacific 2019

Overview

Kim & Chang’s Insolvency & Restructuring Practice has advised financially distressed companies on restructuring plans, and represented creditors, investors and other interested parties.  Our Practice has also been instrumental in developing the jurisprudence and practices in Korea that are now widely accepted and acclaimed by courts, debtors and creditors.  

Members of our Practice include attorneys who have extensive experience in insolvency cases, accountants who have worked in the field of corporate restructuring, and other experts who have handled restructuring and insolvency cases at financial institutions, financial authorities and corporations.  Our Practice helps clients to formulate and implement effective strategies for insolvency and restructuring issues taking advantage of their unique experience and expertise.  Furthermore, our Practice works together with other practices (Mergers & Acquisitions, Labor and Employment, Litigation, etc.) to provide integrated services covering various aspects of corporate restructuring. 

Our Practice has an outstanding reputation, and is consistently named as one of the top tiers in several leading legal media such as IFLR 1000, Chambers Asia-Pacific and The Legal 500 Asia Pacific. 

Key Servicesshow

Advising investors targeting financially distressed assets

The restructuring of insolvent companies provides attractive investment opportunities to investors, while at the same time posing legal risks and limitations that are not seen in general mergers and acquisitions. In this regard, our Practice has provided practical advice to investors and negotiated with creditors and courts based on the experience and detailed analysis we were able to accumulate over many years to help clients navigate through various risks while accommodating their appetite for new investments.  In addition, we are well experienced in providing integrated services through collaborations with accounting firms and financial advisors, which are essential in related practices. 

 

Protecting creditors in court procedures

Our Practice has not only represented creditors in filing procedures to collect loans from financially distressed companies, but also provided them with the best plans on, among others, loan sales.  

 

Advising debtors seeking to continue their operation as a going concern

Our Practice has not only represented debtors in applying for rehabilitation proceedings, but also has provided them with preemptive restructuring and rehabilitation plans.  Based on a large pool of experts with accumulated experience, our Practice is specialized in providing plans to enable debtors to continue their operation as a going concern.

Key Experiencesshow

Our Practice has advised 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 NPL.

 

We have advised domestic and multinational corporations on restructuring and insolvency proceedings, protection of creditors’ interests, and mergers and acquisitions of financially distressed companies.  More recently, we have provided advice regarding group-wide restructuring proceedings and solutions for the group and its affiliates.  Some recent examples of our Practice’s work include the following:

 
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.

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