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[Apha Biz=(Chicago) Reporter Paul Lee] Home appliance maker Winia Electronics has applied for court receivership due to financial difficulties.
According to the industry on the 21st, Winia Electronics applied for corporate rehabilitation procedures in the rehabilitation court the previous day.
Corporate rehabilitation is a corporate restructuring process under the control of the court.
Winia Electronics, an affiliate of Dayou Winia Group, is a home appliance manufacturer that has gone through Daewoo Electronics and Dongbu Daewoo Electronics.
Winia Electronics' roots are Daewoo Electronics. When Daewoo Group was disbanded during the 1997 International Monetary Fund (IMF) financial crisis, it was acquired by Dayou Winia Group in 2018 through Dongbu Group.
However, Winia Electronics couldn't get out of the slump.
In particular, the management situation worsened as the Chinese plant was shut down due to the COVID-19 incident.
Since July last year, employees have been complaining because they have not been able to pay their salaries properly due to financial difficulties.
The coronavirus situation has improved, but management has become more difficult as the global economic recession continues. The operating loss, which was 4.5 billion won in 2019, increased to 17.5 billion won in 2021, and last year, it did not disclose its financial statements due to rejection of its audit opinion.
In the end, Park Hyun-chul, CEO of Winia Electronics, was arrested by prosecutors the previous day on charges of not paying tens of billions of won in wages and severance pay.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
