This article was published on June 11, 2025, at 10:19 a.m. on the ChosunBiz RM Report site.
WINIA Electronics Manufacturing, a major home appliance subsidiary of DAEYU WINIA Group, was reported to have gone bankrupt on the 11th. Previously, other subsidiaries of the group, DAEYU Holdings and WINIA Electronics, also received bankruptcy rulings from the court.
The Seoul Bankruptcy Court's Division 13 (Chief Judge Director General Gang Hyun-gu) declared bankruptcy for WINIA Electronics Manufacturing on the 9th. Established in 2019, WINIA Electronics Manufacturing is a company that produces products for WINIA Electronics, another home appliance subsidiary of the group.
WINIA Electronics Manufacturing filed for corporate rehabilitation with the court in September 2023. However, due to the failure of the sale, it could not prepare a self-rescue plan and ultimately requested the termination of the rehabilitation process last April. Subsequently, it filed for bankruptcy with the court on the 23rd of last month.
The reason for the bankruptcy filing is deteriorating management due to a decline in sales. It is reported that the liquidity worsened as the affiliated companies, WINIA and WINIA Electronics, entered rehabilitation proceedings.
Other subsidiaries of DAEYU WINIA Group, which had previously entered rehabilitation proceedings, also received bankruptcy rulings in succession. On the 26th of last month, the group's intermediate holding company, DAEYU Holdings, went bankrupt, and on the 5th, the court declared bankruptcy for WINIA Electronics ex officio. However, the WINIA Electronics side filed for corporate rehabilitation again with the court a day before the bankruptcy ruling. Whether the bankruptcy will be confirmed will depend on whether the court accepts the rehabilitation request.
Meanwhile, WINIA, which entered rehabilitation proceedings in September 2023, is currently in a state where the rehabilitation process has been terminated as it failed to submit a rehabilitation plan within the deadline.
In addition, Park Young-woo, former chairman of DAEYU WINIA Group, and three current and former representatives of WINIA Electronics Manufacturing are on trial for failing to pay a total of approximately 11.4 billion won in wages and severance pay to 251 employees. Separately, former Chairman Park has been indicted and imprisoned on charges of failing to pay about 47 billion won in wages and severance pay to over 800 employees of WINIA Electronics and WINIA, receiving a four-year sentence in the first trial and currently in the appeal process.