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Interrogation on the provisional injunction of the Seoul Central District Act on 25
The results will be published at the latest on the 1st of next month …
The conflict between the employees of both companies is also serious … “war of comments” between the employees of Korean Air and Asiana Airlines
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Activist Private Equity Fund (PEF) filed a lawsuit against KCGI, with Korean Air Asiana Airlines (020560) Korea’s “big aviation deal”, as an expression of the conflict between the two, has faced obstacles since the beginning of the long journey.
According to industry sources on the 22nd, an interrogation of “ temporary injunction against the issuance of new shares for the resolution of Hanjin Kal for a paid capital increase of Hanjin Kal will be held at the Seoul Central District Court on the afternoon of the 25th. ” required by KCGI. As the 2nd of next month is the date of the payment of the capital increase paid by Hanjin Kal by the Korea Development Bank, it is expected that the court’s decision will be made at the latest on the 1st of next month.
After the decision to take over, KCGI filed an interim injunction requesting that the issue of new shares be invalidated for Hanjin Kal’s 500 billion won paid-up capital increase of Hanjin Kal, in which KDB participates. The rationale is that Saneun’s investment in Hanjin Kal is a means of defending the management and control of President Cho Won-tae. KCGI has formed a three-party shareholder association with Bando E&C and former vice president of Korean Air Cho Hyun-ah, and is in conflict with President Cho over management rights. KCGI believes that if KDB secures a stake in Hanjin Kal through a third-party capital increase, it can serve as a “friendship” for President Cho.
If the court cites the temporary injunction by KCGI, the acquisition by Korean Air Asiana Airlines is virtually eliminated. This is because it is impossible for Korean Air to obtain funds to acquire Asiana Airlines without Hanjin Kal’s investment from KDB. Sang-eun Choi, vice president of Saneun Choi, said in a press conference on the 19th that, “if the request for an interim injunction is mentioned, the combined transaction between Korean Air and Asiana Airlines will be canceled.
First of all, the industry sees the likelihood that the court will sue a request for an interim injunction. However, different results may emerge depending on the court’s opinion on the purpose of issuing new shares. If the court determines that the issuance of new shares violates the right to take over existing shareholders and that there is no urgent need for management, but for the purpose of defending Chairman Cho’s management rights, it is likely that the application for a provisional injunction.
KDB and Korean Air underline that this is an acquisition to reorganize the aviation sector, in crisis due to the new coronavirus infection (Corona 19). KDB’s position, pointing out that President Cho has withdrawn 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 issue of new shares as a defense of the management rights of the president Cho.
The mere rejection of the request for a provisional injunction cannot betray the will of KCGI. On the 20th, KCGI asked Hanjin Kal to call an extraordinary general meeting of shareholders. At the extraordinary general meeting of shareholders, the board of directors that led the acquisition of Asiana Airlines and decided to take responsibility for it, and the new directors who combine competence and independence, will form the majority of the board of directors. If Hanjin Kal does not accept the convening of an extraordinary general meeting of shareholders, it may convene a general meeting with the permission of the court.
The conflict between President 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 Korean Air Employees’ Alliance, the Asiana Airlines ‘Pilots’ Union and the Asiana Airlines union, said: ” We have to present concrete measures to prevent restructuring. ” Urged. The Joint Committee on countermeasures warned that would prevent mergers and acquisitions through all legal and physical responses without a clear statement of the government’s position.
On the other hand, the Korean Air union, which has about 12,000 employees excluding Korean Air pilots, said: “We respect the decision to take over” and differs from the four unions. Even the Asiana Airlines Open Pilots Union, which initially had expressed against the acquisition, has held his position on the acquisition.
The relationship between the two companies, which has continued for over 30 years since the founding of Asiana Airlines, is also expressed as a conflict between employees. In the blind, anonymous message boards application (app) for employees, there is a “war of comments” among employees of Korean Air and Asiana Airlines. Primarily, Korean Air employees oppose the acquisition and even slander Asiana Airlines employees.
/ Seo Jong-gap reporter [email protected]
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