Byuck Yang Gun Young Continues Receivership, Deepening Capital Erosion… Ongoing Delisting Risk

On January 16, 2026, received court approval for rehabilitation procedures. Pursuing M&A-based normalization.
Consolidated Q1 2026 (Jan-Mar) revenue ₩7,655M (down 79% YoY), operating profit ₩522M (turn to black), net loss ₩758M.
Deepening capital erosion: equity negative ₩70,224M (vs -₩69,466M at year-end 2025). Full capital impairment triggers additional delisting grounds.
Liquidity crisis: current liabilities ₩159,941M exceed current assets ₩59,199M by ₩100,742M.
Trading suspension continues since March 20, 2025 due to auditor's disclaimer of opinion. Delisting review underway.
Contingent liabilities: PF guarantees ₩62B, mid-term loan guarantees ₩297.38B. Debt assumption events due to failure to meet completion deadlines.
Legal risks: 7 lawsuits as defendant (₩10.717B), property attachments ₩73.887B, foreclosure proceedings ongoing.
No dividends.

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