Hyungji I&C Q1 net loss 3.5B won, 90% capital reduction and 13.1B won rights offering
Consolidated revenue 12.1B won (prior quarter 11.9B won), net loss 3.5B won (prior quarter loss 2.1B won), widening losses
Credit rating B+ to B, some negative outlook
Completed 90% capital reduction (4,296,262 shares, capital from 2.15B to 0.215B won), followed by rights offering of 13.1B won (expected issue price 4,670 won)
Operating cash flow -2.8B won, financing cash flow -2.1B won
Total liabilities 25.1B won, total equity 30.8B won, accumulated deficit 39.4B won
Pending lawsuit of EUR 1.46M (approx. 2.1B won)
Significant contingent liabilities including asset-backed loans (ABL) and funding commitment to Hyungji Seonkyungje-icha SPC