Jindo Graduates Out of Court Receivership After Three Years

The Fourth Bankruptcy Department of the Seoul Central District Court (Justice Cha Han-sung presiding) announced on November 15 that the Jindo Corporation concluded its liquidation process and that its court receivership status will be lifted.

The Justice Department explained, “Jindo is now deemed capable of continuing normal business as its financial structure has improved.”

Jindo, a manufacturer and seller of containers and fur garments, was acquired by the Seven Mountain Group after being put under the liquidation process by the court in June of 2001.

Meanwhile, Lim Byung-suk, president of both the Seven Mountain Group and Jindo, held a press conference on the same day and said, “Jindo plans to focus on penetrating overseas container and garment markets in the future.”

“Our goal for the upcoming year is to have Jindo Co. bring in 916.6 billion won in total sales and an operating profit of 33.2 billion,” said the president.

Do-Young Kim Ji-Seong Jeon nirvana1@donga.com verso@donga.com