This article was displayed on the ChosunBiz RM Report site on June 9, 2025, at 2:03 p.m.
WINIA Electronics, a major home appliance subsidiary of DAEYU WINIA Group, was reported to have been declared bankrupt by the court on the 9th. WINIA Electronics was established as Daewoo Electronics in 1974 and was acquired by DAEYU WINIA Group in 2018. It is known that the company's management has deteriorated due to sluggish sales of its main products, home appliances.
The Seoul Bankruptcy Court's Rehabilitation Division 1, presided over by Judge Jeong Jun-young, declared WINIA Electronics bankrupt on its own authority on the 5th.
Earlier, WINIA Electronics filed for corporate rehabilitation with the court in September 2023. However, the rehabilitation process was terminated as the company was unable to prepare a self-restructuring plan, leading the court to declare bankruptcy on its own authority.
However, the bankruptcy of WINIA Electronics is not yet finalized. The company filed for corporate rehabilitation again with the court on the 4th, one day before the bankruptcy declaration. This is a 're-application' utilizing the provision for resubmitting a rehabilitation application after the first was terminated.
Accordingly, the court will review whether to proceed with bankruptcy proceedings, including the scheduled creditors' meeting and creditor investigation in July, while considering WINIA Electronics' rehabilitation application. If the rehabilitation process is restarted, the bankruptcy proceedings will be halted.
Meanwhile, other subsidiaries of DAEYU WINIA Group are also struggling with corporate rehabilitation procedures. WINIA and WINIA Electronics Manufacturing, which entered rehabilitation procedures in 2023, had their procedures terminated in April. Both companies failed to submit rehabilitation plans by the deadline. WINIA is also scheduled for delisting on the 18th.
Additionally, Park Young-woo, former chairman of DAEYU WINIA Group, has been arrested and indicted for failing to pay wages and severance to over 800 WINIA Electronics and WINIA employees, amounting to over 47 billion won, and is currently undergoing appeal after being sentenced to four years in prison in the first trial. Park has been investigated for conspiring with the current and former chief executives of three subsidiaries, including Park Hyun-cheol (William Park), the CEO of WINIA Electronics. CEO Park was also sentenced to three years in prison with a four-year probation in the first trial and is undergoing a second trial.