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Korea's SK Energy seeks noteholder approval of reorganization plans
By Susanna Moon
Chicago, Sept. 29 - SK Energy Co., Ltd. said it will hold a meeting for holders of its $450 million of 7% notes due 2013 and its $300 million of 5 7/8% notes due 2011 on Oct. 26 to consider the company's plan to split its refinery and marketing business and its petrochemicals business into two newly organized wholly owned subsidiaries.
Under the reorganization, which is expected to become effective on Jan. 4, SK Energy will continue to be the issuer and obligor of the notes, while its new subsidiaries will be jointly and severally liable for the notes under the Korean Commercial Code, according to a company press release.
The implementation of the proposal is subject to the approval by the board of directors and SK Energy shareholders.
Holders may appoint proxies or representatives for the meeting by delivering a form to the fiscal agent within 24 hours of the meeting.
For more information, call Hee Choi, finance team, at 82 2-2121-5444 or e-mail heechoi@sk.com.
If a quorum is not established, the meeting will be adjourned until Nov. 11.
SK Energy is a Seoul, South Korea-based company engaged in the provision of petroleum and chemicals products.
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