Today’s conclusion of the Korean Air-Asiana integrated provisional injunction application is released

The court’s decision to decide whether to merge Korean Air and Asiana Airlines will come today.

According to the legal community, the 50th Civil Settlement Division of the Seoul Central District Court (Senior Vice President of Judge Lee Seung-ryun) will decide whether to sue or reject the request for interim injunction against issuing new actions against Han Jin-Kal.

On the 18th, Grace Holdings, an investment company affiliated with KCGI, filed an interim injunction requiring Hanjin Kal to issue new shares for a third party capital increase.

On the 25th, the judiciary held an interrogation of temporary disposition and revised the law after hearing the views of both parties. The court is known to have examined whether the purpose and means of issuing new shares were appropriate and whether there was an alternative to issuing new shares.

Since Korean Air’s decision to take over Asiana Airlines, KCGI has repeatedly insisted that the acquisition by Korea Development Bank, investing 800 billion won in Hanjin Kal, serves to defend the management rights of group president Hanjin Cho Won. -tae.

KCGI said it is illegal for a company in dispute over management rights to exclude shareholders and issue a capital increase assigned to a third party.

Hanjin Group refuted, saying, “There is a plan to secure equity without the burden of redemption, such as issuing new shares assigned to third parties, and insisting on issuing bonds or selling assets is a selfish argument urgent because it is urgent to keep the ownership relationship rather than the company’s profits “.

If the court rejects the interim injunction, KDB and Korean Air should expedite the acquisition. Korean Air plans to pay the advance for the acquisition of Asiana Airlines later this month using funds provided by the Bank.

If an interim injunction is cited, KDB’s investment will be eliminated and Korean Air will have difficulty obtaining funds to acquire Asiana Airlines.

KCGI insisted, “We have to honestly admit that the transaction is possible regardless of the outcome of the process,” but the KCGI said, “(if quoted for temporary sale) the consolidated transaction will inevitably be eliminated and, in this case, we will quickly find the next best option “.

News / UPI reporter Donghoon Yang [email protected]