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BackGS E&C, subrogation of debt and interest of subsidiary Energy Materials
GS E&C, subrogation of debt and interest of subsidiary Energy Materials
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연합뉴스21 minutes agoBusiness2 min readSouth KoreaView original

GS E&C, subrogation of debt and interest of subsidiary Energy Materials

gs constructionEnergy Materialsindustrial bank

Quick Look

  • GS E&C announced on the 13th that it would subrogate the remaining debt and interest of 112.551 billion won owed to the Korea Development Bank by its subsidiary Energy Materials, a secondary battery recycling company.
  • The plan is to minimize the financial impact by securing indemnification rights and mortgage rights.

AI-generated summary

Why It Matters

Energy Materials is a secondary battery recycling company established in 2020 and has been operating a plant that extracts battery raw material metals from waste batteries. However, it closed down last month after experiencing management difficulties due to raw material supply difficulties and worsening profitability.

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GS Engineering & Construction [006360] announced on the 13th that its subsidiary Energy Materials, a secondary battery recycling company, will subrogate the remaining debt and interest borrowed from Korea Development Bank.

The repayment amount is 112.551 billion won, and the repayment will be made on this day.

GS Engineering & Construction explained that it will acquire the right to indemnify Energy Materials through subrogation and transfer the existing mortgage held by the Korea Development Bank.

Energy Materials, established in 2020, has been operating a plant that extracts battery raw material metals from waste batteries, but closed down last month after experiencing management difficulties due to raw material supply and demand difficulties and worsening profitability.

A GS E&C official said, "We will preemptively block financial risks by subrogating the remaining borrowings and interest of our subsidiary Energy Materials and minimize the financial impact by securing indemnification rights and collateral rights."

What to Watch

AI outlook — possibilities, not facts

  • There is a possibility that GS Engineering & Construction will exercise its right to indemnify Energy Materials.

    Possible · Within months

Open Questions

  • Energy Materials' future plans to resume operations or liquidate
  • The specific impact that subrogation will have on GS E&C’s consolidated performance
  • Collateral handling plan after transfer of mortgage to Korea Development Bank

Related Topics

gs construction
PeopleLim Lim-chang
OrganizationsGS ConstructionEnergy Materialsindustrial bankYonhap News
PlacesSeoul
TopicsEnergy Materialsindustrial bankSubrogationSecondary battery recyclingright of indemnitymortgage
This article was originally published by 연합뉴스.

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