Doosan Group's successful restructuring is now up to Hyundai Heavy
Posted : 2021-01-15 17:03
Updated : 2021-01-15 17:12
Employees applaud the 200,000th excavator manufactured in Doosan Infracore China Co.'s plant in Yantai, Oct. 30. Courtesy of Doosan Infracore
By Nam Hyun-woo
Doosan Group's efforts to sell its construction equipment unit Doosan Infracore and finish its restructuring program now hinge on Infracore's preferred bidder Hyundai Heavy Industries (HHI) Group, which holds the key to settling a Doosan-investor dispute over Infracore's Chinese body.
The Supreme Court on Thursday reversed and remanded a Seoul High Court ruling which favored the investors of Doosan Infracore China Co. (DICC) in a suit in which they demanded Doosan Infracore pay for losses worth nearly 1 trillion won, incurred by their failed exit from DICC.
Ruling on Doosan Infracore's China unit amplifies uncertainties
Posted : 2021-01-11 16:32
By Baek Byung-yeul
Attention is growing over lawsuits involving Doosan Infracore's Chinese subsidiary Doosan Infracore China Co. (DICC) as the legal battle between the construction equipment's Chinese unit and its investors will begin at the Supreme Court, Jan. 14.
The court ruling is expected to decide the fate of Doosan Group's corporate restructuring plan as the group's construction arm Doosan Heavy Industries & Construction put its stake in Doosan Infracore up for sale as part of its self-rescue effort. Doosan Heavy Industries & Construction is the largest shareholder of Doosan Infracore, owning a 35.4 percent stake.