On behalf of Hanp, a printer drum manufacturer and KOSDAQ-listed company experiencing financial difficulties with a total debt of around KRW 48.4 billion, DR & AJU applied for rehabilitation procedures in August 2020. The Cheongju District Court approved the commencement of Hanp’s rehabilitation procedures in October 2020.
With court permission, DR & AJU simultaneously conducted pre-approved M&A through a stalking-horse bid for both Hanp and its second-tier subsidiary golf course Jeju CC. The sale was announced in January 2021, and Hanp selected Black Hill 1st Investment Purpose Company as its acquirer, who offered an acquisition price of KRW 120 billion (KRW 45 billion for Hanp and KRW 75 billion for Jeju CC).
Based on its extensive experience in the field, DR & AJU adeptly guided Hanp throughout the complicated entire rehabilitation procedure, successfully closing the rehabilitation process and negotiating a satisfactory deal for Hanp’s pre-approved M&A process.
