Correction Reveals Collateral Provided to Affiliates Soared to 54.7 Billion Won, Exceeding Equity; Contingent Liability Risk Intensifies
The correction filing shows that Great New wave Coming's collateral balance provided to affiliate Kuro Holdings surged from 55 million won to 54,731 million won (approx. 54.7 billion won), a ~995-fold increase
The collateral is for Kuro Holdings' 18th series convertible bonds, secured by shares of Q Capital Partners and Creo SG
The collateral amount (54.7B KRW) exceeds the company's equity (42.5B KRW), representing 129% of equity, raising serious concerns about financial stability if the affiliate defaults
As of end-2025, the company reported weak financials: debt ratio 196%, operating loss of 99 million won, net loss of 11.4 billion won. The newly revealed contingent liability exacerbates the risk
[AI Summary]The correction highlights a massive off-balance-sheet liability that exceeds equity, directly threatening the company's solvency amid already poor financial performance; investors should closely monitor potential impairment and dilution risks
KOSDAQ Filing Information
Filing: [Correction of Description] Large Business Group Status Disclosure [Annual Disclosure and for 1st Quarter (Individual Company)]