Gwangju Chamber of Commerce Says "Winia's Deadline for Rehabilitation Plan Should Be Extended"

Petition Submitted to Seoul Bankruptcy Court
Request for Extension of Winia's Rehabilitation Plan Deadline
Gwangju Chamber of Commerce and Industry Emphasizes Regional Economic Impact

Gwangju Chamber of Commerce and Industry (Chairman Han Sangwon) announced on the 25th that it has submitted a petition to the Seoul Bankruptcy Court urging an extension of the deadline for submitting the rehabilitation plan for Winia Co., Ltd., which is currently undergoing rehabilitation proceedings.

Winia Co., Ltd. is a mid-sized home appliance company well known for its kimchi refrigerator brand "Dimchae." Headquartered in Gwangju, it has built up its manufacturing capabilities over the past 30 years and is recognized as a leading local company. Currently, around 350 people are directly employed, and approximately 2,500 workers are directly or indirectly connected to Winia through about 150 partner companies. As of 2022, the company's sales reached approximately 782 billion KRW.

In the petition, the Chamber emphasized, "Winia is not just an individual company but a pivotal enterprise that has a significant impact on the region’s manufacturing, logistics, and service industries," adding, "If the rehabilitation fails, the local economy, partner companies, and workers are expected to suffer enormous damage."

Winia Co., Ltd. has been experiencing a financial crisis due to a combination of external factors such as economic downturn, rising raw material costs, and sluggish exports, and is currently undergoing rehabilitation proceedings.

However, on the 18th, Winia Co., Ltd. reached an agreement to sign a conditional investment contract with the representative of the creditors, the labor union chairman and worker representatives, the sale lead manager Samil Accounting Corporation, and Seoul Private Equity, which has expressed its intention to acquire the company, thereby opening a new chapter for the possibility of rehabilitation.

The Chamber stated, "Despite this positive turnaround, there is physically not enough time until the current deadline for submitting the rehabilitation plan, which is the 23rd of next month," and added, "To establish a feasible rehabilitation plan, it is inevitably necessary to extend the submission deadline."

Han Sangwon, Chairman of the Gwangju Chamber of Commerce and Industry, said, "Winia still has the potential for recovery and industrial growth, and it is urgently necessary to secure more time so that connections with capable investors can be maintained," adding, "This petition is not just about a single company, but is an issue connected to the future of the entire regional economy, so we ask the court for a positive decision."

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