BuKwang Pharma's subsidiary Korea Union Pharma completes court rehabilitation, business normalization expected

BuKwang Pharmaceutical announced that the Seoul Rehabilitation Court decided on the 31st of last month to terminate the rehabilitation procedure for its subsidiary Korea Union Pharmaceutical under the Debtor Rehabilitation and Bankruptcy Act. In May, BuKwang paid 30 billion KRW for new share subscriptions, becoming the largest shareholder of Korea Union Pharmaceutical. Since then, Korea Union Pharmaceutical has carried out rights changes and repayment of rehabilitation claims according to the approved plan. Of the 292.100 billion KRW targeted for repayment this year, after excluding unconfirmed claims and a remaining unpaid amount of 76 million KRW, the process is nearing completion.