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The judgment of the Court will come out at the latest on the 1st of next month …
(Seoul = Yonhap News) Reporter Jang Hana = Korean Air[003490]Asiana Airlines[020560] Hanjin knife with arguments[180640]The interrogation on the company’s third-party capital increase is held today.
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According to industry sources on the 25th, Seoul Central District Court interrogates a request for a temporary injunction against the issuance of new shares collected by KCGI, an activist private equity fund, at 5pm on the day of Hanjin Kal’s resolution to raise the allocation of capital to third parties.
Considering that 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 very likely that the decision of the court will be taken in questioning that day. 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.
Previously, KCGI said that KCGI’s investment in Hanjin Kal was a means of defending the management and control rights of group chairman Hanjin Won-tae Cho, immediately following Korean Air’s decision to take over Asiana Airlines. I applied for it.
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To integrate the two largest airlines, KDB has decided to invest 800 billion won in Hanjin Kal, which is at the top of the governance structure of the Hanjin Group, of which 500 billion won will participate in a paid capital increase assigned to a Part Three.
The question is how the court views the purpose of issuing new shares.
Article 418 of the Commercial Law and Article 165 (6) of the Capital Markets and Financial Investments Law provide new shares to persons other than shareholders, as required by the articles of association, if necessary to achieve the management objectives of the company, such as the introduction of new technologies and the improvement of the financial structure. It states that it can be assigned.
Hanjin Group said: “There is an urgent need to rescue Asiana Airlines and promote the long-term survival of the domestic aviation industry, and to that end, the most reasonable fundraising plan under legal procedures is the legacy of a third-party allocation to the Korea Development Bank.
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On the other hand, KCGI argues that “the allotment of new shares to a third party to defend management rights or control in a situation where management rights disputes are a reality violates the right of shareholders to take over new actions “.
If, as KCGI argues, the court violates the issuance of Hanjin Kal’s new title and determines that it is not an urgent management need, intended to defend President Cho’s management rights, an interim injunction may be accepted.
In this case, Korean Air’s acquisition of Asiana Airlines could be canceled. This is because it is difficult for Korean Air to obtain funds to acquire Asiana Airlines without KDB’s investment in Hanjin Kal.
Hanjin Group has repeatedly stressed: “When the court cites an interim injunction, the acquisition is canceled because the prerequisites for closing the transaction are not met” and “KCGI is responsible for all damages to the aviation industry and problems of work”.
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2020/11/25 05:00 sent
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