Hanpeu "Applied for Rehabilitation Procedure to Resolve Delisting Risk"

[Asia Economy Reporter Jang Hyowon] Hanp recently claimed that there is a force inducing delisting surrounding the corporate rehabilitation procedure it applied for. It explained that the delisting is being induced to seize the hydrogen fuel cell power generation business rights, expected to generate 10 trillion KRW in sales over 20 years, and the Jeju CC valued at 120 billion KRW.

On the 2nd, Hanp stated in a 'Letter to Shareholders' that "Hanp's external audit firm may issue a disclaimer of opinion due to the inability to repay the convertible bonds early," and "to resolve the risk of delisting caused by the disclaimer of opinion, we applied for the commencement of rehabilitation proceedings."

Hanp said, "The external audit firm requested debt moratorium confirmation letters from convertible bondholders, but only Wells Investment Advisory did not agree," adding, "Wells Investment Advisory also filed an injunction to prohibit the capital increase in November last year, putting the company in an extreme liquidity shortage."

It continued, "Due to the refusal of debt moratorium, Hanp has applied for corporate rehabilitation as a last resort," expressing, "It is a desperate feeling to prevent delisting and save the company."

Hanp claimed that Wells Investment Advisory, together with Hanp executive Park Changwoo, is inducing delisting. They blocked fundraising for debt repayment through lawsuits and created a delisting crisis by opposing debt moratorium due to delays in performance caused by these actions. Hanp stated that this targets Hanp’s power generation business rights and assets, which have a market capitalization of 19.7 billion KRW.

Hanp explained, "The company has completed permits and site acquisitions for 80MW and 100MW fuel power plants in Jincheon and Boeun, respectively, and these two power plants are expected to generate approximately 10 trillion KRW in sales over 20 years," adding, "Jeju Country Club, which owns Jeju CC, is also valued at 120 billion KRW."

The company said, "Regardless of whether the listing is maintained, the business rights and assets held will be preserved," and added, "They have forced us to sell the power generation business to acquaintances over the past year, opposed proposals to have the current board resign and appoint factory operation personnel as executives, and opposed efforts to focus on turning operating profit positive this year."

It also stated, "They are threatening to criminally accuse the management if the company does not withdraw the rehabilitation application, proposed a resolution to replace all directors, and filed a related injunction lawsuit on February 27," emphasizing, "Hanp executive Park Changwoo, colluding with them, violated disclosure obligations and sold all 400,000 shares held by himself and his spouse."

In other words, while demanding management replacement and filing various lawsuits under minority shareholder rights to gain voting rights from other shareholders, they are disposing of their own shares.

Hanp said, "If they complete delisting through management replacement, Hanp will sell the power generation business," and urged, "Regardless of management responsibility, please calmly judge whose claim is correct in preventing Hanp’s delisting."

It added, "We deeply apologize once again for the current crisis and will do our best to normalize management."

This content was produced with the assistance of AI translation services.