[이데일리 김성수 기자]There are concerns that the real estate project financing (PF) crunch will recur as ‘HN Inc’, the largest shareholder of which is Jeong Dae-sun, the 3rd generation of the Pan-Hyundai family, has applied for court receivership.
In the industry, it may have some impact on investor sentiment, but since H&INC’s main business is not construction, it is expected that there will be no major impact.
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◇ Application for rehabilitation due to financial difficulties in the ‘real estate PF crisis’
According to the legal community on the 24th, H&INC, a company specializing in IT and construction services, applied for court receivership to the Seoul Rehabilitation Court on the 21st. H&INC is a mid-sized construction company ranked 133rd in the construction capability evaluation rankings (city rating), and its largest shareholder is Jeong Dae-seon, the third generation of the Hyundai family and the husband of former announcer Noh Hyun-jeong.
It is said that the company applied for court receivership because it suffered from financial difficulties as liquidity was blocked due to the real estate PF crisis. ‘Sokcho Heriot THE 228’, which was sold in Jangsa-dong, Sokcho-si, Gangwon-do in August last year, fell short of 85 households in special supply and 34 households in the first priority subscription. A total of 119 households fell short.
According to H&INC’s consolidated audit report, as of the end of 2021, short-term borrowings totaled 69.5 billion won and long-term borrowings amounted to 22.464 billion won.
Looking at the details of short-term borrowings, working capital loans △Nonghyup Bank KRW 19 billion (interest rate 3.92-4.39%) △Shinhan Capital KRW 5 billion (interest rate 5.80%) △A Capital KRW 4 billion (interest rate 5.80%) △Kwangju Bank KRW 4 billion (interest rate 4.49%) ) △ Woori Bank 2.1 billion won (interest rate 5.95%) △ Jeonbuk Bank 2 billion won (interest rate 6.43%).
Looking at the details of long-term borrowings, general loans △Suhyup 3.54 billion won (interest rate 3.45%) △KB Savings Bank 2 billion won (interest rate 6%) △JT Savings Bank 2 billion won (interest rate 6%) △Cham Savings Bank 1.2 billion won (interest rate) 6%), etc.
Focus on software development… “Impact limited”
Prior to the application for court management, a lawsuit once morest the major stockholders also took place. Right before applying for court receivership, H&INC was physically split into construction (surviving corporation H&INC) and IT (new corporation H&IX) divisions.
However, the creditors filed a lawsuit to invalidate the division, claiming that the company had been divided without the prior consent of the creditors.
The court plans to decide whether to accept court receivership following reviewing the company’s application for a comprehensive injunction and provisional injunction. A comprehensive injunction is a measure to freeze all bonds until the court decides on an application for the commencement of rehabilitation procedures. Creditors cannot carry out compulsory execution without court permission, and corporations cannot arbitrarily dispose of property.
Compulsory execution means that the creditor recovers the funds by disposing of the debtor’s property if the debtor does not voluntarily pay the money.
The industry is concerned that the real estate PF, which has been recovered since the Legoland crisis, will be strained once more. However, since H&INC’s evaluation ranking is not high and its main business is not construction, there are many analyzes that it will not have a big impact on the PF market.
H&INC is engaged in comprehensive IT service business including system integration (SI), IT outsourcing, IT consulting and solution business, plant engineering and general construction business, and shipbuilding IT equipment business.
An official from the financial investment industry said, “Financial institutions tend to become more conservative than before when problems arise in one place.
However, he predicted that “H&INC’s ranking is 133rd, which is not as large as that of large construction companies” and that “the impact on the overall market will be limited as the main industry is software development and construction has a low proportion.”
