DR & AJU successfully advised BTB Korea Co., Ltd. (formerly GTG Wellness Co., Ltd., “Client”), a beauty device and medical equipment manufacturer, in its rehabilitation procedures. Despite being successfully listed on the KOSDAQ market, Client faced a decline in sales, poor performance in new ventures, and delisting risks, leading it to decide to undergo rehabilitation procedures.
On behalf of Client, DR & AJU prepared and filed an application for the commencement of rehabilitation procedures in March 2023. Following the approval, DR & AJU, along with Samil PwC, served as the lead manager for the sale during the subsequent M&A procedures. Client entered into an investment agreement with BNC Korea to secure new funds, and based on this agreement, the rehabilitation plan was approved. The M&A process prior to the approval of the rehabilitation plan was successfully completed. Afterwards, Client promoted a merger with Dongin Biotech Co., Ltd., a subsidiary of BNC Korea, to stabilize the profit structure. The amended rehabilitation plan was approved on February 14, 2024, and the procedure was successfully completed on May 30, 2024.
Despite initiating rehabilitation proceedings in a significant financial distress and facing several challenges during the process, DR & AJU successfully assisted Client in concluding the proceedings and achieving all intended goals. Client improved its financial structure, secured profitability, and maintained its listing status through an M&A process prior to the rehabilitation approval and merger during the rehabilitation process.
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