Korean law firm Shin & Kim has been appointed to advise on the sale of troubled automaker Ssangyong Motors.
A Shin & Kim team comprising of Lee Young Ku, Im Jae Woo, Shin Hyuk Sik and foreign legal counsel Choe Seung-Ho will be responsible for dealing with all the matters arising from the sale, from provision of advice on transaction structure and strategy to due diligence investigations.
According to Choe, it was the firm’s previous work for Ssangyong and relationships with Macquarie and KMPG that landed them a role on the current transaction ahead of fellow Korean law firms Bae Kim & Lee and Lee & Ko, who are also understood to have submitted tenders for the work.
“Our firm was approached by both KMPG and Macquarie to jointly advise the company,” he said, noting that the firm’s role in advising Ssangyong on previous matters was pivotal to a successful bid. “[We represented Ssangyong in the] development and preparation of its reorganisation plan,” said Choe. “Our knowledge of the company…played a major role in our appointment as legal advisor in this transaction.”
The firm’s previous work for Ssangyong includes filing a petition and advice on the company’s rehabilitation proceedings, which remains the largest such case since the enactment of the Debtor Rehabilitation Act and Bankruptcy Act.
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