Negotiations at Naerincheon Rest Area Stall... Sono International Urges Road Corporation Mediation

Naerincheon Rest Area.

The transfer of operation for Naerincheon Rest Area is facing difficulties due to disagreements between the parties over the valuation of the assets being sold. Sono International, which has been managing Naerincheon Rest Area until the end of this month, has urged the Korea Expressway Corporation to resolve the issue and mediate.

According to the distribution industry on the 24th, Korea Expressway Corporation selected Kidari Food as the preferred bidder for operating Naerincheon Rest Area through a public competitive bidding process last month. Sono International is currently negotiating the transfer of operations with Kidari Food ahead of the operation termination of Naerincheon Rest Area on the 29th.

However, the criteria for valuing the assets being sold remain unclear, and the two sides have not been able to narrow their differences. Sono International has valued the residual value of fixed assets such as facility interior investments and fixtures at approximately 5.4 billion KRW, while Kidari Food estimates it at around 2.3 billion KRW.

In this regard, Sono International stated that mediation by Korea Expressway Corporation is necessary for a smooth transfer and asset recovery. The company said, "During the bidding, we complied with the review results through Korea Expressway Corporation’s interior design competition, and operated after obtaining completion approval following the building interior work. We initially invested about 8.5 billion KRW in interiors and fixtures," adding, "Korea Expressway Corporation must actively and responsibly engage in the transfer procedures of Naerincheon Rest Area, including compensation for the residual value of assets Sono International invested in the owned buildings."

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