TS Trillion announced on the 15th that both the petition for commencement of rehabilitation proceedings and the request for provisional disposition filed by former CEO Jang Gi-young and two others at the Seoul Bankruptcy Court were dismissed.
The court dismissed the petition, stating, "Based solely on the materials submitted by the applicants, it is difficult to consider that TS Trillion is currently in a state of excess debt or insolvency, or that there is a risk of such a state occurring, and there is no other evidence to recognize otherwise."
On the 1st, former CEO Jang Gi-young and two others filed a petition for the commencement of rehabilitation proceedings against TS Trillion at the Seoul Bankruptcy Court. In response, the Korea Exchange requested the company to disclose rumors and suspended trading of the company's shares.
Former CEO Jang had previously filed for TS Trillion's bankruptcy in April. At that time, trading of TS Trillion shares was suspended for 16 days before the petition was withdrawn. In this rehabilitation petition, Jang claimed to hold a bond worth approximately 11 billion KRW against the company.
A TS Trillion official rebutted, "The amount of the bond claimed by former CEO Jang is merely an assertion and is disputable," adding, "Moreover, as of the end of the first quarter of this year, TS Trillion's assets exceeded its liabilities by more than 25.5 billion KRW, and from June 3 to June 28, the average balance of cash and cash equivalents was maintained at over 10.5 billion KRW. Therefore, there was absolutely no reason to enter rehabilitation proceedings, and the reckless rehabilitation petition caused significant disruption to the company's normal operations."
TS Trillion plans to actively cooperate with the Korea Exchange to resume trading of its shares as soon as possible, following the court's dismissal of the rehabilitation petition. The exchange is expected to make a decision regarding the resumption of trading within one to two weeks based on this dismissal.
The company stated, "The suspension of stock trading due to bankruptcy and rehabilitation petitions has not only harmed minority shareholders but also halted the company's efforts to attract new funding," adding, "We will promptly resume trading of TS Trillion shares and take strict measures to prevent further harm to minority shareholders caused by reckless bankruptcy and rehabilitation petitions in the future."
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