[Edaily Reporter Kim Hyung-il ] Pharmaceutical manufacturer UNION KOREA PHARM CO.,Ltd(080720)announced on the 14th that it has repaid most of its rehabilitation bonds and has filed a motion to terminate the rehabilitation proceedings early.

In its disclosure, UNION KOREA PHARM CO.,Ltd stated that of the total debt of 29.21 billion won subject to repayment, the outstanding balance to date is 76 million won, indicating that it has repaid the majority of the total debt subject to repayment.

UNION KOREA PHARM CO.,Ltd filed for the commencement of rehabilitation proceedings in September of last year, received a decision to commence the proceedings that same month, and had its rehabilitation plan approved last May.

Accordingly, UNION KOREA PHARM CO.,Ltd has filed a motion with the Seoul Bankruptcy Court to terminate the reorganization proceedings early. Once the court issues a termination order, the reorganization proceedings are expected to be officially concluded.

An official from UNION KOREA PHARM CO.,Ltd stated, “Through the repayment of rehabilitation claims and the conversion of debt into equity, our total assets now consistently exceed our total liabilities,” adding, “We expect that the conclusion of the rehabilitation proceedings will not only improve our operations and sales but also help prevent delisting.”