KC Green Holdings Applies for Rehabilitation Proceedings for French Subsidiary
[Asia Economy Reporter Lee Seon-ae] KC Green Holdings announced on the 26th that its French subsidiary Clestra Hauserman S.A.S, in which it is the largest shareholder, has filed for commencement of rehabilitation proceedings at the Strasbourg District Court. This measure was taken due to business deterioration caused by project delays due to COVID-19 and operational suspension from ransomware attacks. The investment amount is approximately 2.6 billion KRW, but the book value is 0 KRW reflecting stock impairment. After approval of the commencement of rehabilitation proceedings, procedures to improve the financial structure, such as asset sales, will be carried out.
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