Hanjin Group “100,000 jobs are more important than private equity profits”



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“The acquisition of real rights after the issue of preference shares and the assignment to shareholders is prohibited”

(Seoul = Yonhap News) Reporter Hanjin Jang = Hanjin Group filed an appeal on the 25th, “If a provisional provision is mentioned, the Korean aviation industry will collapse.”

Korean Air-Asiana (CG)
Korean Air-Asiana (CG)

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Korean air[003490]Asiana Airlines[020560] Han Jin-cal on the due date for questioning on the issue of new shares[180640]It can be interpreted as an attempt to favorably guide public opinion by reiterating the need for a three-way capital increase.

Hanjin Group said: “In the contract between Korea Development Bank and Hanjin Kal, the success of Hanjin Kal’s paid capital increase is the first prerequisite for Korean Air’s acquisition of Asiana.” It becomes essentially impossible, “he explained.

Hanjin Group said: “It will be impossible for Asiana Airlines to raise funds of 600 billion won, which is urgently needed by the end of the year.” Massive unemployment is also expected.

Wontae Cho, president of the Hanjin group
Wontae Cho, president of the Hanjin group

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“With the greed of speculators who do not understand the aviation industry, the situation in which it faces the company, or the facts, the survival of Asiana Airlines is at risk and, moreover, the reorganization of the aviation industry is at risk. Korean. “He blamed KCGI.

Furthermore, regarding KCGI’s insistence on issuing non-voting preferred stock to KCGI, he stressed that “this is an unacceptable method for KCGI because it is difficult to ensure the management of the management and early normalization of integrated airlines. through voting rights “.

Hanjin Group continued: “To monitor and control KDB, you need to invest in common stock with voting rights. It is just a speculative force that is amateur in the aviation industry and industrial restructuring as it does not understand the purpose of holding common stock. He stressed.

It also refuted KCGI’s argument that it is possible to open a public offering of real rights after a paid-up capital increase in the shareholder distribution mode.

Hanjin Group said: “I have to put funds into Asiana Airlines by the end of the year, but it is not possible to raise funds until the end of the year with this method, and it is questionable whether large-scale financing will be possible.” He insisted.

KCGI CEO Kang Seong-bu answers reporters' questions
KCGI CEO Kang Seong-bu answers reporters’ questions

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According to Hanjin Group, unlisted companies can decide at the board of directors whether to revoke the issuance of rights in rem or assign them to third parties, but in principle, listed companies must revoke the issuance of those parts in accordance with the article 164 of the Capital Markets Act when real rights are generated.

Hanjin Group said: “Hanjin Kal is constantly trying to sell assets, but the market is not good due to the influence of the new coronavirus infection (Corona 19), so it is not looking for suitable investors.” KCGI’s argument is that we don’t know reality. “

Meanwhile, the Seoul Central District Court questions the request for a temporary injunction against the issuance of new shares, which KCGI filed at 5 pm the same day on the termination of the capital increase paid by Hanjin Kal to a third party. Inside and outside the sector, the court ruling is expected to come out as early as this week and by the 1st of next month at the latest.

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