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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.