Haisung Aero-Robotics says court dismissed shareholder bankruptcy petition

Haisung Aero-Robotics said Thursday that the Incheon District Court had dismissed a bankruptcy petition filed against it, ruling that the applicant had not established it held a claim warranting the proceedings. The Kosdaq-listed company said it would respond through its legal representatives.

The decision on the petition, filed on Sept. 14 as case number 2026Hahap52, was issued on Oct. 21, and the court ordered the applicant to bear the costs. The court cited Article 294, Paragraph 2 of the Debtor Rehabilitation and Bankruptcy Act as the basis for its judgment, according to a regulatory filing.

The ruling turned on the applicant's standing. The petitioner had argued that it held a damages claim against the company stemming from allegedly false disclosures by Gu Bon-saeng, a former owner of the company. The court found that the applicant had effectively conceded it was difficult to conclude it held a right to damages, because it had owned shares since before the disclosures in question were made.

"We will respond through our legal representatives in accordance with legal procedures," the company said in its filing.

The petition was the second the applicant brought against Haisung Aero-Robotics this year. The first was filed on July 24 at the Incheon District Court under case number 2026Hahap45, but it was withdrawn around Aug. 19 after the court issued a correction order requiring the applicant to substantiate its claim in more detail. The applicant refiled on Sept. 14 under the current case number.

The court said there was considerable room to view that notice as intended to inform shareholders and other stakeholders of the facts surrounding the earlier petition and the company's position.