Court Decides to Terminate BioBill Rehabilitation Proceedings

[Asia Economy Reporter Kim Heung-soon] BioVille announced on the 11th that the Seoul Rehabilitation Court has decided to terminate the rehabilitation procedure. The Seoul Rehabilitation Court judged that the execution of each rehabilitation plan submitted by creditors and the administrator was impossible, and pursuant to Article 231 of the Debtor Rehabilitation and Bankruptcy Act, decided to exclude all rehabilitation plans from the hearing of the meeting of interested parties. Since no other rehabilitation plans were submitted, the rehabilitation procedure was terminated in accordance with Article 286, Paragraph 1, Item 1 of the Debtor Rehabilitation and Bankruptcy Act.

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