The High Court in Seoul has rejected an appeal from the former management of South Korea’s spirits group, Jinro Ltd., to overturn a court ruling which put the company under court receivership.
“The court’s decision has been largely expected and doesn’t really impact the current management because the company has been under receivership since May,” a spokesperson for the company said.
Jinro was placed under court receivership by the Seoul District Court in May following a petition from the US investment bank, Goldman Sachs, which is Jinro creditor.
