Bae Kim & Lee (BKL) is the sole legal adviser working on Sambu Engineering & Construction’s corporate rehabilitation proceedings in South Korea.
Founded in 1948 and listed on the Korea Composite Stock Price Index (KOSPI) market since 1976, Sambu saw its rehabilitation plan approved by the Seoul Bankruptcy Court on 26 June 2026.
“The successful rehabilitation of Sambu serves as a key benchmark for other construction firms currently struggling amid the industry downturn. It underscores how such processes can facilitate corporate turnarounds, stimulate M&A opportunities, and resolve the threat of delisting,” Sangjae Lee, one of the lead partners for the BKL team, told Asia Business Law Journal.
Partners Sungjun Hong and Seungjin Huh and associates Siyoung Choi and Jaewon Lee advised on all stages of the rehabilitation proceedings — from petition to plan approval — and provided legal counsel on pre-approval M&A with Sangjae Lee. They are also advising on listing maintenance, subject to the successful execution of the M&A.
Sangjae Lee said that many distressed firms were currently facing the threat of delisting, due to tougher standards in the South Korean stock market.
“Sambu, a well-established mid-sized builder, faced a significant delisting risk following a disclaimer of audit opinion. With the successful closure of its rehabilitation proceedings and M&A, the company is anticipated to effectively navigate the crisis and see its shares resume trading soon,” said Sangjae Lee.
The M&A process for Sambu is underway, with the company set to be acquired by Rebuild Sambu Holdings, a special purpose vehicle formed by a consortium led by local firm Pareto Asset Management.
As of 31 March 2026, Sambu reported total liabilities of KRW317 billion (USD204 million).
