This article was published on the ChosunBiz MoneyMove (MM) site at 4:04 p.m. on Jan. 2, 2026.
A regional construction company's subsidiary will acquire the public golf course Gunwi Calrite Country Club (Gunwi CC). Yeongjin General Construction provided joint and several guarantees for the project financing (PF) of this golf course and participated as the Sigongsa. As Gunwi CC fell into financial difficulties amid legal disputes with local governments, it appears the company stepped in as a direct rescuer.
According to the investment banking (IB) industry on the 2nd, Yeongjin General Construction's subsidiary YJ has been confirmed as the final buyer of Gunwi CC. The acquisition will take the form of acquiring new shares issued by the operator, Gunwi Country Club Co., along with various debts, including about 53 billion won of borrowing fund that Yeongjin General Construction repaid on behalf of Gunwi CC. Samil PwC served as the sale adviser.
The sale of Gunwi CC proceeded under a stalking horse method, where a prospective buyer was found and a conditional investment contract was signed before the final buyer was determined through competitive bidding. The existing controlling shareholder, Geumwoo Development, will have all its equity canceled without compensation. Under Article 205, Paragraph 4 of the Debtor Rehabilitation and Bankruptcy Act, when the cause for commencing rehabilitation proceedings arises from an act for which the controlling shareholder bears significant responsibility, the equity must be canceled.
Gunwi CC is an 18-hole public golf course that opened in 2022. In the past, local governments changed agricultural and conservation management zones into land where golf course construction was permitted on the condition that a golf-specialized high school would be established. However, after the operator failed to fulfill the promise to establish the school for about 20 years after the corporation's establishment, the local government issued an order to suspend land use.
Eventually, Yeongjin General Construction subrogated the borrowing fund that Gunwi CC had borrowed from financial institutions and then transferred the priority beneficiary rights for those claims to its subsidiary YJ. The company later filed for corporate rehabilitation proceedings against Gunwi CC in its capacity as a creditor. It appears the company intended to resolve past contingent liabilities and complex vested interests through court receivership and directly take over management to operate the golf course.
To obtain permission to use the golf course again, the condition to establish the specialized high school agreed with the local government must be met. Accordingly, the new operator YJ is expected to begin full-scale management normalization work after going through the procedures to establish a school foundation and apply for a school establishment plan.
Yeongjin General Construction is a mid-sized construction company founded in 1973. It has built a track record in various areas including social overhead capital (SOC) facilities such as roads, ports and railways, as well as dwellings, hotels and golf courses. Recently, it joined a consortium with Dongbu Corporation to win the construction of the Gunsan Port embankment. Its affiliates include Yeongjin Industry, Samyoung Construction, Bogwang Ascon and Changseong. As of the end of 2024, its sales were 297.2 billion won.