Jinro has finally been pulled out of receivership. The South Korean distiller has been ordered out of receivership by a local court today (27 September), marking the end of its 28 months in the red. Jinro has also appointed a new chief executive officer, Hite Brewery's president Ha Jin-hong.

Hite bought the distiller, which had racked up debts of over KRW2 trillion (US$1.9bn) in failed property purchases, in June this year.

In a statement, Jinro said: "Jinro has been reborn as a financially strong business. It will try to boost corporate value by restructuring its operations."

Hite, which is 25% owned by Carlsberg, intends to reduce its interest in Jinro to 41.85% from 52% by selling 31.25m shares to Morgan Stanley Emerging Markets Inc. at the end of this month.