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MK News – Responsibility for failure of Heavy Industry Hanjin … President Cho Nam falls down



Cho Jin-ho, president of Hanjin Heavy Industries & Construction Holdings, assumes responsibility for the failure of the management and completely destroys Hanjin Heavy Industries.

On January 28, Hanjin Heavy Ind. Holdings announced that it would capitalize on 915.19368 stocks of common stock of Hanjin Heavy Industries. The shareholder of Hanjin Heavy Industries Co., Ltd., the largest shareholder, will be fired for asking for responsibility for management failure. In addition, the total amount of 52,08546 shares of Cho's share was reduced.

The remaining minority interest will be reduced to 5 to 1. After the potatoes, the capital of Hanjin Heavy Industries & Construction has decreased from KRW530,300 million to KRW72,700 million.
Joe also retired from the board of directors of Hanjin Heavy Industries & Construction. Hanjin Heavy Industries & Construction will not re-elect President Joe's internal director at the ordinary shareholder's meeting scheduled for March 29. As a result, the president's terms of office expire at the end of March.

The Hanjin Heavy Industries & Construction creditors will appoint the former seaman Offshore & Shipbuilding STX Lee Byung-mo as the head of Hanjin Heavy Industries Co., Lee, who is currently a professor of industry and academia at the University of Inha, will return to the industry as "Relief thrower" for Hanjin Heavy Industries & Construction. The creditors will also appoint the STX representative, Kim Dong-hui, as the external director to reinforce the advice of the board.

Creditors, including the Korea Development Bank, will start standardizing Hanjin Heavy Industries business by investing. The amount of the investment is 680 million won. It is the combined size of the debt and equity investments of the domestic debt department and subic in the Philippine banks.

Once the potatoes and the investments are completed, Hanjin Heavy Industries & Construction will have between 60 and 70% the creditors. Creditors extended the terms of the plan to implement the normalization plan, which was completed at the end of last year, for two years until December 31, 2020.

It is expected that Hanjin Heavy Industries & Construction will be able to avoid the cancellation of the file. The Philippine creditor banks did not fully agree to the conversion. Currently, domestic creditors are trading in the Philippines. A civil servant in the financial industry said: "If negotiations in the Philippines break, you will not rule out the possibility of excluding yourself."

Hanjin Heavy Industries & Construction filed a rehabilitation petition at the Subic Shipyard in the Philippines in January, and the total capital stock ratio fell to -140%.

He was black for three consecutive years until last year, but failed to handle the failure of a sub-wreck. The responsibility of Hanjin Heavy Industries & Construction for the Subic shipyard is 410 million dollars (about 460 million won).

As a result, the Korean exchange suspended stock trading until April 1 to resolve capital offenses or send data that demonstrates the fact. Despite the continuation of stock exchange, it is inevitable that smaller shareholders, which are 28,874 at the end of last year, will be affected.

[문일호 기자 / 전경운 기자 / 이승윤 기자][ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]


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