[Edaily Reporter Park Sun-Yeop ] Eutilex Co., Ltd.(263050)announced on the 26th that the Seoul Bankruptcy Court had decided to terminate its reorganization proceedings.
The court terminated the reorganization proceedings after determining that the debtor’s liquidation value exceeded its going-concern value.
According to the announcement, the investigation report by the investigation committee estimated Eutilex Co., Ltd.’s liquidation value at 20.25795 billion won. In contrast, its going-concern value was calculated at minus (-) 38.29252 billion won.
The court determined that the investigation committee’s valuation method and the data used were appropriate, and that it was difficult to conclude the assessment lacked rationality. Eutilex Co., Ltd.’s court-appointed administrator also agreed with this assessment and filed a motion to terminate the reorganization proceedings on the 19th.
The court stated, “It is no longer appropriate to continue the reorganization proceedings for the debtor.”
The court terminated the reorganization proceedings after determining that the debtor’s liquidation value exceeded its going-concern value.
According to the announcement, the investigation report by the investigation committee estimated Eutilex Co., Ltd.’s liquidation value at 20.25795 billion won. In contrast, its going-concern value was calculated at minus (-) 38.29252 billion won.
The court determined that the investigation committee’s valuation method and the data used were appropriate, and that it was difficult to conclude the assessment lacked rationality. Eutilex Co., Ltd.’s court-appointed administrator also agreed with this assessment and filed a motion to terminate the reorganization proceedings on the 19th.
The court stated, “It is no longer appropriate to continue the reorganization proceedings for the debtor.”
