Sungwon Enertech Defaults Due to Court Order in Rehabilitation Proceedings
On May 11, 2026, a matured bill of exchange worth 266,126,751 KRW issued by the company was not honored at IBK Songtan Branch, resulting in a default.
The default occurred because, following the Suwon Rehabilitation Court's order on April 16, 2026 (Case No. 2026Hap154) for asset preservation and comprehensive prohibition, debt repayment was impossible without court permission.
The company disclosed that this default does not qualify as a final default leading to checking account suspension under Article 89 of the Bills Exchange Rules.