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Practice/Industry Group Overview
Bankruptcy procedures such as rehabilitation proceedings and workout programs are important means for opening the door forward corporate recovery. For creditors, they are essential legal procedures to help minimize risk to secure as many accounts receivables as possible in an emergency.
The bankruptcy and restructuring field has so many laws and regulations that it requires expert legal advice from experienced lawyers. Shin & Kim has been involved in all aspects of bankruptcy and workouts since the onset to the financial crisis in the late 1990s. In the process, Shin & Kim has accumulated extensive capabilities to provide one of the best legal services in Korea for matters relating tothe country's bankruptcy laws.
Shin & Kim has represented clients in a number of reorganization proceedings, negotiations for settlement, bankruptcy cases and workouts, including, Kukje Trading, Hanil Synthetic Fiber, Samsung Motors, Kia Motors, Daenong, Trybrands, Korea Industrial Development, Chunji Corporation, Daewoo Corporation, Halla Group, Hyundae, Hynix Semiconductor and SK Global. Shin & Kim also has specialized and enhanced experience in court reorganization proceedings and legal advice on bankruptcy proceedings.
Shin & Kim has also been active in legislative affairs, and prepared and submitted a recommendation on integrating the Bankruptcy Act in cooperation with a group of foreign advisors at the request of the Ministry of Justice.
Shin & Kim has been active in disputes relating to M&As of companies subject to reorganization proceedings, as both an underwriter and advisor for major M&A deals of companies subject to reorganization proceedings, including, Kukje Trading, Hanil Synthetic Fiber, Kun Young, Nasan, and Donghae Pulp).
Based on this extensive experience, Shin & Kim is able to assist with the successful restructuring of many companies by presenting restructuring plans appropriate to specific situations, including workouts, bankruptcy procedures, negotiations for out of court settlements, and advice on government approvals and reporting requirements, and other details relating to restructuring.
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Services Available
- M&A of companies subject to rehabilitation proceedings
- Diagnosis of failing companies and proposals for rehabilitation proceedings
- Proposals for restructuring measures appropriate to specific situations, such as rehabilitation proceedings, bankruptcy, and workouts
- Application for initiation of bankruptcy procedures and rehabilitation proceedings
- Reporting and confirmation of claims in rehabilitation and bankruptcy proceedings
- Advice on tax matters relating to restructuring and bankruptcy procedures
- Advice and representation concerning legal disputes with respect to rehabilitation proceedings and bankruptcy procedures
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Clients:
LIG Kunyoung Corporation, Hynix Semiconductor Inc, Samsung Motors, Daewoo Corporation, Prudential Asset Management, SK Global, Kia Motors Corp., Tong Yang Group
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Matter Experience
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Reported Cases |
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Immediate Appeal of the Nasan Group's Liquidation Program on behalf of Seoul Guarantee Insurance, Seoul High Court , In September 2007, the Seoul High Court sustained Shin & Kim's appeal and ordered Nasan to adjust its liquidation program to satisfy the claims of SG ABS Specialty. As a result, Shin & Kim was able to get all of Seoul Guarantee Insurance's creditor rights restored despite the efforts of Nasan and the initial decision of the trial court.
Shin & Kim's successful appeal is particularly noteworthy because, in general, once a court in Korea approves a proposed liquidation program, the odds of it being overturned on appeal are highly unlikely, even when it contains unreasonable or even unlawful aspects. In this case, however, the Seoul High Court fully acknowledged the creditor claims of Seoul Guarantee Insurance and reversed the prior authorization.
This decision establishes an important precedent that the rights of creditors should not be dishonored by a court in the process of a liquidation action.
, September 20, 2007
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Representative Transactions |
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Sale and Financing of the acquisition of the Daewoo Centre Building, Shin & Kim acted on the sale side as counsel to Daewoo Engineering & Construction and the financing side as Korean counsel to Shinsei Bank, the Mezzanine Lender. The sale of the Daewoo Centre Building was the largest building sale in terms of price in the history of Korea. The deal was also unique in that the Buyer was a CR-REIT, and mezzanine financing was involved, which is not common in Korea. Shin & Kim took a main role in providing an adequate security package to the Mezzanine Lender and solving other Korean legal issues arising from the mezzanine financing at the shareholder level., December 18, 2007
Corporate Restructuring of SK Networks, Advice on the work out procedure for SK Networks, April 11, 2007
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Languages spoken by Bankruptcy and Corporate Restructuring Professionals
Korean, English, Chinese, Japanese, French, German, Russian |
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