This article was published on the ChosunBiz MoneyMove (MM) site at 10:51 a.m. on Mar. 9, 2026.
KOSDAQ-listed Flask(041590) appears likely to resolve the 5.6 billion won outstanding loan issue it has faced for a year due to financial risk. Flask is currently at risk of delisting because of financial opacity, but there is expectation that completing fund recovery will give momentum to the public sale and could resolve the delisting cause.
According to investment bank filings and the Financial Supervisory Service electronic disclosure system on the 9th, the real estate auction process for collateral related to the 5.6 billion won that Flask lent last April to Hyundai Building Asset Management Co. is entering its final stages. Flask had planned to receive 12% interest from the fund lending at the time. The funds were intended to be lent for only one month, but the counterparty defaulted due to project financing (PF) failure.
Flask was under a trading suspension when it lent the funds. With company normalization at a critical point, management mishandled the money, prompting some small shareholders to allege that management may have siphoned off company assets during the delisting process.
Flask triggered a delisting cause in 2023 after auditors declined to express an opinion on its financial statements. At the time, the auditor refused to give an opinion, saying it could not secure the validity and appropriate accounting treatment of Flask's investments in subsidiaries, loans, and advances. As a result, share trading was suspended, and a planned management rights sale then under way collapsed. With the sale of existing shares and the rights offering halted, the company was even designated as an unfaithful disclosure company due to reversal of disclosures.
Afterward, Flask carried out a rights offering and began improving its financial structure by selling real estate, but the plan was derailed again when funds were improperly lent in the process.
When the loan issue resurfaced, Flask's largest shareholder, BN M Holdings, took over the loan claim and moved to resolve the financial uncertainty. The parent company stepped in to save its subsidiary. That restrained immediate financial uncertainty, but the industry assessed that the complicated intercompany loan issues that led to the auditor's refusal had resurfaced.
However, recently the collateral real estate has been finding buyers through auction, making fund recovery seem possible. Accordingly, Flask and BN M Holdings terminated the claim transfer contract, and Flask decided to directly pursue recovery of the loan.
A Flask official said direct claim recovery was judged to be a swift and stable measure and explained, We agreed to conditionally terminate the claim transfer agreement with BN M Holdings dated Mar. 5.
Flask had been conducting a public sale as the long-standing unpaid loan issue remained unresolved, but that too recently collapsed. Orion E&C, a radioactive waste treatment company, had been selected as the preferred negotiator in Flask's public sale and was in acquisition talks, but it abandoned proceeding with the contract and decided to resume the public sale.