Court Initiates Rehabilitation Proceedings for Company Whose Major Shareholder Is 'Noh Hyun-jung's Husband'

by Kim Daehyun

Published 11 Apr.2023 14:18(KST)

HN Inc, a specialized IT and construction service company, is entering formal corporate rehabilitation proceedings (court receivership). HN Inc is a company whose largest shareholder is Jeong Dae-seon, a member of the Hyundai family and husband of former KBS announcer Noh Hyun-jung.

Jung Dae-sun, President of Hyundai BNC, and his wife, former announcer Noh Hyun-jung, are entering the home of Chung Mong-koo, Chairman of Hyundai Motor Group, in Hannam-dong, Yongsan-gu, Seoul on March 20, 2019, to attend the 18th memorial ceremony of the late Asan Jung Ju-young, Honorary Chairman of Hyundai Group.
[Image source=Yonhap News]

According to the legal community on the 11th, the Seoul Rehabilitation Court, Rehabilitation Division 3 (Chief Judge Ahn Byung-wook, Presiding Judges Oh Byung-hee and Lee Yeo-jin) decided on the 7th to commence rehabilitation proceedings for HN Inc. The legal administrator (representative of the debtor) was appointed as Kim Jeong-ik, CEO of HN Inc.

The court will receive lists of rehabilitation creditors, rehabilitation secured creditors, and shareholders by the 27th of this month, and will accept claims for rehabilitation debts, rehabilitation secured claims, and shares until the 18th of next month. After investigating the rehabilitation claims and secured claims, the court will receive HN Inc’s rehabilitation plan by August 24 and review whether to approve it.

On the 21st of last month, HN Inc, which owns brands such as 'Sun & Ville' and 'Heriet,' filed for corporate rehabilitation. HN Inc is a mid-sized construction company with brands including Sun & Ville and Heriet. Originally, the company was named Hyundai BS&C, but after losing a lawsuit filed by Hyundai Motor Group demanding that it stop using the Hyundai brand, it changed its name in January 2021.

The largest shareholder, Mr. Jeong, is well known as the husband of former announcer Noh. Noh, who joined KBS in 2003 as a 29th public recruitment announcer, gained great popularity as the host of programs such as 'Sangsang Plus' and 'Star Golden Bell.' She left the broadcasting industry after marrying Mr. Jeong, whom she met through an acquaintance, in 2006.