by오상용 기자
2003.07.20 11:34:17
[edaily 오상용기자] SK글로벌 해외채권단은 20일 국내채권단이 추진하고 있는 SK글로벌의 법정관리는 바람직하지 않으며, 국내채권단과의 협상 여지가 있다"고 밝혔다. 다음은 해외채권단이 밝힌 입장 원문이다.
SK Global Foreign Creditors Maintain Deal Can Be Struck
Seoul, July 20 - Court receivership for SK Global is neither necessary nor esirable,
according to foreign creditors of the troubled SK trading unit.
In addition, creditors say, foreign banks everywhere are paying keen attention to the SK Global case because it is the first ”serious international test” of Korea’s new Corporate Restructuring Promotion Act.
“If foreign creditors’ legal rights are prejudiced and they are treated unfairly,
the cost of loans to Korean companies may rise significantly and credit lines could
even be withdrawn,” said Rod Sutton, an Executive Director of Ferrier Hodgson
Limited, the financial advisors to the foreign creditors’ steering committee.
“This may also raise significant questions about Korea’s plans to be an international financial center,” he added. “Moreover, if SK Global goes into court
receivership, it means that the new legal process has probably failed on its first
serious outing.”
Guy Isherwood, the chief representative of the SK Global foreign creditors’ steering committee, said that the “optimum solution” for SK Global would be for all its bank creditors, Korean and foreign, to “sit down and thrash out a rescue plan.”
“We have indicated our willingness to do so and remain optimistic that a deal can be struck with the domestic creditors,” Mr. Isherwood said “Indeed, until July 16, talks were ongoing between both sides.
“The main concern of foreign creditors is that any rescue plan for SK Global meet
international standards of fairness and transparency,” Mr. Isherwood explained.
“However, until now, foreign creditors have been left out of the domestic discussions and we are not confident that these standards have been met.”
Commenting on the appointment of provisional liquidators to SK’s Hong Kong
subsidiary July 17, Mr. Isherwood said, “This was inevitable given Credit Lyonnais’successful appeal against the stay on their judgement. I am pleased they took the
initiative themselves. We now have an independent officer of the court appointed in
Hong Kong with investigative powers to answer questions that have, until now, been
unanswered.”
The foreign creditors’ proposal of a 72 percent CBO rate was made on the basis of
their advisors’ analysis of the company’s financial data.
“It is simply wrong to characterize the proposal as favoring some creditors over
others,” said Edward Cairns, a Partner with White & Case L.L.P., the legal advisors
to the foreign creditors’ steering committee. “It is no more than a recognition and reflection of the legal rights of the parties concerned. The foreign creditors lent to overseas subsidiaries, supported by legally enforceable guarantees issued by SK Global. The value they receive in any restructuring should reflect the financial
position of both the subsidiary and SK Global.
“This is wholly consistent with the practice followed in previous international
restructurings of Korean companies,” Mr. Cairns said.