Our Insolvency & Restructuring Practice Group has established a prestigious name for themselves in the insolvency and restructuring practice area as evidenced by the representation of high profile clients in the most renowned insolvency and restructuring cases. The Group is recognized for having unrivalled expertise capable of offering practical counseling on a wide array of contentious and non-contentious issues encountered in insolvency and restructuring situations.

The Insolvency & Restructuring Practice Group is chaired by Mr. Kyu Hong Lee, a former Justice of the Supreme Court of Korea, who had served as the Chief Judge of the Insolvency Division of Seoul Central District Court. Under his leadership, together with the Group members' vast experiences in corporate and banking transactions, the Group has earned a strong reputation for possessing the resources, and most importantly, the specialized capability to deal with complicated insolvency and restructuring cases to the satisfaction of clients.

Since the Asian Financial Crisis in the late 1990s, insolvency practice has developed rapidly and the Insolvency & Restructuring Practice Group has made contributions at critical moments of such developments-early M&As of financially troubled or insolvent companies, international insolvency cases, and insolvency cases of financial institutions, to name a few areas of such contributions.

Expertise

M&A of Companies in Rehabilitation or Bankruptcy Proceedings

Financially troubled or insolvent companies are effectively rescued through the M&A market. The Insolvency & Restructuring Practice Group has pioneered early M&As of companies in rehabilitation and bankruptcy proceedings.

Representative clients include, among others, MagnaChip Semiconductor, Shinsung Development, Hyundai LCD, Dong Ah Construction, NewCore, Powernet, Kukje Corp., Jinro, Jinro Industries, and Hanyang Corporation.

Rehabilitation

The Insolvency & Restructuring Practice Group has advised companies, as debtors or creditors, regarding issues related to rehabilitation proceedings. Also, the Group has represented companies in applications for commencement of rehabilitation proceedings and in litigations arising in connection with rehabilitation proceedings.

Representative clients include, among others, O Telecom Corporation, K Express, G City, I Oil Refinery, T Electronics, D Pulp, H Group companies, M Department store, S Corporation, K Development, T Internet company, S Computer manufacturer, D Motor Company, and K Construction.

International Insolvency Rehabilitation

Insolvency cases of companies carrying out worldwide business are increasing, and the experts of the Insolvency & Restructuring Practice Group are ready for this new trend. Especially, in TPC Korea case, the Group successfully obtained recognition of TPC Korea’s Korean rehabilitation proceeding and stay of creditors enforcement in most of countries where TPC Korea’s vessels operate (US, UK, New Zealand and Australia).

Representative clients include, among others, MagnaChip Semiconductor, Lehman Brothers, and TPC Korea.

Restructuring and Workout

Using its expertise in insolvency practice, the Insolvency & Restructuring Practice Group has extensive experience in providing advice on restructuring or workout to companies wishing to avoid formal insolvency proceedings.

During the Asian Financial Crisis, Korean financial institutions have entered into an agreement to promote voluntary debt restructurings of companies and, under this agreement, workouts of financially troubled companies were conducted. Later, in order to facilitate such workouts, the Corporate Restructuring Promotion Act was enacted. Currently, workouts are carried out under the Act or under an agreement among financial institutions.

Representative Cases: The Insolvency & Restructuring Practice Group successfully represented numerous Korean conglomerate group companies including, among others, companies of the K Group, H semiconductor, H construction, companies of the L Group, companies of the S Group, companies of the H Group, companies of another H Group, and companies of the D Group.

Bankruptcy

The Insolvency & Restructuring Practice Group also represents companies, as debtors or creditors, in filings for bankruptcy proceedings and in litigations involved therewith. Regarding this subject matter, the Group has the required expertise to advise on strategic considerations of bankruptcy proceedings as well as orderly liquidation of insolvent companies.

Representative clients include, among others, D Electronics, L Group companies, H Real Estate Trust Company, and J Lease.