Bankruptcy: Daejong Film Awards Trademark Public Auction Starting at 56 Million Won

Seoul Film Industry Association Priority Purchase Request

The Daejong Film Awards, which faced suspension due to the bankruptcy of the Korea Federation of Film Workers' Unions (the Federation), will find a new owner.

Law firm Gow, acting as the creditor representative of the Federation, announced on the 18th that it will auction the trademark rights of the Daejong Film Awards. The party acquiring the trademark rights in this bidding will operate the film festival.

Yonhap News

The bidding will proceed by setting the purchase conditions of the preferred buyer with the right of first refusal as the minimum bid price, and then recruiting additional bidders who offer more favorable terms. The minimum sale price is 56 million KRW (including VAT). The bidding closes at 6 p.m. on the 22nd, and the bid opening will take place at 9 a.m. on the 25th.

The highest bidder will not be immediately awarded the contract. The trustee will evaluate the ability to hold the film festival and select accordingly. Participating entities in the bidding are limited to non-profit organizations capable of hosting the film festival and must submit documents proving their hosting capability. The selection of the successful bidder will also depend on whether the preferred buyer exercises their purchase right.

Organizations wishing to participate in the bidding must pay a bid deposit (10% of the minimum sale price), and the successful bidder must sign the contract within three business days from the approval date of the Seoul Bankruptcy Court and complete the remaining payment within three weeks after signing the contract.

The current preferred buyer is the Seoul Film Workers' Federation, which is considered the successor to the Federation.

The Daejong Film Awards, which began in 1962, is the oldest awards ceremony in South Korea. With the Federation's bankruptcy confirmed last month, the holding of next month's ceremony has become uncertain.