해외 M&A의 ë²•ì  ìŸì  - Sullivan & Cromwell

1. Providing Equity Without Taking Control continued
Investor Protection regarding distressed companies
If there are doubts about the going concern of the company in which the
investment is to be made, it may be helpful to seek the opening of a judicial
pre-insolvency procedure:
- Investors who will bring new financing to the company will rank senior to all creditors
other than employees and court fees
- Capital injections are, however, excluded from the scope of this protection
New creditors cannot be held liable for having lent money to a company
which, subsequently, became insolvent
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