D&A LLC advised G&S ENG Co., Ltd. (the “Client”) on its acquisition of Byucksan Power Co., Ltd. (“Byucksan Power”) through a pre-packaged M&A in rehabilitation proceedings.

We conducted comprehensive legal due diligence on Byucksan Power, based on which the Client participated in a pre-packaged M&A process. The Client entered into a conditional investment agreement as the stalking horse bidder and was ultimately selected as the final prospective acquirer through a competitive bidding process. Following court approval of a rehabilitation plan funded by the Client’s investment, the Client successfully completed the acquisition of Byucksan Power.

Following the Client’s selection as the final prospective acquirer, we continued to advise on measures necessary to ensure the smooth post-acquisition operation of the business. In particular, we reviewed whether to terminate or assume executory contracts at overseas construction sites and assessed potential contingent liabilities. We also worked closely with creditors to facilitate court approval of the rehabilitation plan and supported the implementation of post-approval measures.

This case involved a high-profile M&A transaction conducted in the course of rehabilitation proceedings of a company with multiple overseas construction projects, attracting significant attention both domestically and internationally. Given the numerous executory contracts at overseas project sites, the transaction required a thorough analysis of complex legal issues, including potential contingent liabilities. We conducted a comprehensive review of the relevant contracts and associated risks. Based on this review, the Client successfully acquired Byucksan Power through a pre-packaged stalking horse M&A process and ensure the stable continuation of its business operations post-acquisition.