This article was posted on the ChosunBiz MoneyMove (MM) site on Dec. 24, 2025, at 3:56 p.m.
Woo Gi-won (33), deputy minister of corporate support and a second-generation owner of SM Group, has given up his bid to acquire CNH through a private company. The M&A had drawn attention as the first attempt by Woo to acquire corporate control through a personal company.
On the 24th, according to legal sources in investment banking and the legal community, Woo's private company Najin Co. Ltd. recently withdrew the management acquisition agreement it had with CNH. Accordingly, the Seoul Bankruptcy Court judged that CNH could not carry out its repayment plan and decided to exclude and abolish the rehabilitation plan. Exclusion of a rehabilitation plan is a measure taken when carrying out the repayment plan is impossible due to legal violations, failure to meet deadlines, failure to raise funds or similar reasons.
CNH had originally selected Najin Co. Ltd. as the final buyer and was pursuing a rehabilitation plan to repay debts with the sale proceeds. However, with Najin Co. Ltd. withdrawing the acquisition and even abandoning the deposit, the inflow of funds was blocked, and the court found there was no longer any point in maintaining the rehabilitation proceedings.
CNH started as a specialty finance company and expanded its business into imported car sales, car rentals and the restaurant industry. It runs imported car sales and rental car operations through its subsidiaries Premier Motors and CNH Premier Rental. Premier Motors is a dealer that sells the U.S. car brands Ford and Lincoln domestically and is currently undergoing corporate rehabilitation proceedings at the Seoul Bankruptcy Court.
CNH has posted losses for three consecutive years. Last year it recorded a net loss of 112 billion won and fell into capital erosion. Last year it twice attempted and failed to sell management rights, and in July it was delisted from KOSDAQ. Its subsidiary CNH Capital was sold separately earlier this month to Pine Tree Investment & Management.
This year CNH again began work to sell its management rights, and Najin Co. Ltd. appeared as the relief pitcher. Najin Co. Ltd. is an unlisted company wholly owned by Woo, who holds 100% equity, and until now has purchased real estate assets with funds borrowed from SM Group affiliates. This is the first time it has appeared in the corporate M&A market. Najin Co. Ltd. was reportedly planning to acquire CNH Premier Rental, which operates the rental car business, together with Prisco, a franchise operator. CNH holds 100% of the shares of both companies.
SM Group founder Woo Oh-hyun has one son and four daughters, and Woo, the deputy minister, is the youngest. Born in 1992, Woo began practical management training in Nov. 2022 when he took charge of SM Group's shipping sector. He later moved to SM High Plus.
Recently he stepped down consecutively as vice president of Korea Line Corporation, the group's shipping affiliate, and as CEO of SM High Plus, and earlier this month was appointed SM Group's corporate support chief. Industry watchers expect SM Group's personnel moves to solidify a succession structure centered on Woo.