Kwang Myung Electric Files for Court Receivership, Capital Erosion Worsens - Key Points from Quarterly Report

Filed for court receivership and preservation measures on April 30, 2026 at Suwon Bankruptcy Court (aiming for business normalization)
Largest shareholder changed from P&C Tech to HK Holdings (April 17, 2026)
Q1 2026 (separate): Sales 12.1 billion KRW, operating loss 2.8 billion KRW, net loss 7.6 billion KRW
Negative equity of -20.6 billion KRW (total liabilities 128.2 billion KRW)
Auditor (Samduck Accounting Corp.) disclaimed opinion: going concern uncertainty and scope limitation
Contingent liabilities related to PF completion guarantees approx. 159.1 billion KRW (5 projects), multiple lawsuits ongoing
No dividends (accumulated deficit)