Court Approves Daeyu Plus Rehabilitation Plan... DH Auto Lead Acquires Company
Pre-Approval M&A, DH AutoLead Acquisition Rehabilitation Plan Accepted
The Seoul Bankruptcy Court Rehabilitation Division 1 (Presiding Judge Na Sang-hoon) announced on the 13th that it has approved the rehabilitation plan of Daeyu Plus, an affiliate of the Daeyu Winia Group.
The merger and acquisition (M&A) took place before the approval of the rehabilitation plan. The investment purpose company NR No.1 Rehabilitation Support Fund agreed to acquire Daeyu Plus for 42.2 billion KRW.
The NR No.1 Rehabilitation Support Fund is a company 100% funded by the NR No.1 Rehabilitation Support Fund Private Equity Joint Venture. The main investor in the joint venture is DH Autoread, an automobile parts manufacturer.
The Seoul Bankruptcy Court explained, "The majority of Daeyu Plus employees supported the rehabilitation plan."
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Founded in 1967 as an automobile parts manufacturer, Daeyu Plus expanded its business into home appliances, energy, and information and communication industries. However, due to the COVID-19 crisis in 2020, its management deteriorated, leading to the application for rehabilitation proceedings on September 25 last year.
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