Dobong-gu Changdong Minja Station Corporate Rehabilitation Plan Approval Signals 'Green Light' for Construction Resumption
Decision to Commence Corporate Rehabilitation Procedure for 'Changdong Minja Station' in November 2019 (Rehabilitation Court), Final Acquisition of Changdong Yeoksa Diot Co., Ltd. as Buyer for 110 Billion KRW in September 2020... Final Corporate Rehabilitation Approval by Rehabilitation Court Following Stakeholders' Meeting on May 18
[Asia Economy Reporter Jong-il Park] In the heart of Chang-dong, Dobong-gu (Mayor Dong-jin Lee), the ‘Chang-dong Private Station’ at Chang-dong 135-1 and six other parcels, which had remained an eyesore in the area due to construction being halted for the past 11 years, is finally able to resume construction.
The ‘Chang-dong Private Station,’ which was decided to enter corporate rehabilitation proceedings by the rehabilitation court in November 2019, was finalized with ㈜Changdong Station Diot (CEO Ui-sung Kim, Soon-jae Lee) as the final acquirer at a purchase price of 110 billion KRW in September 2020. On May 18, at the stakeholders’ meeting, the consent ratio of secured creditors and creditors for approval of corporate rehabilitation was secured, and the rehabilitation court made the final decision to approve the corporate rehabilitation.
Planned to have a total floor area of 87,025㎡ from basement level 2 to the 10th floor above ground, the ‘Chang-dong Private Station’ was granted a building permit in 2004 for use as sales, cultural, and transportation facilities, and construction began the same year. However, construction was halted in November 2010, causing hardships including over 1,000 victims affected by the suspension.
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Mayor Dong-jin Lee of Dobong-gu said, “Having overcome difficult procedures and challenges, I hope that the normalization of the Chang-dong Private Station, a long-cherished project of Dobong-gu residents, will ease the pain and grievances of the victims of the sales damages even if just a little. I look forward to the swift stabilization of the Chang-dong Private Station, which will create synergy for the development of Dobong-gu along with the establishment of Chang-dong as a new economic center.”
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