This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:05 p.m. on Aug. 19, 2026.
Leading Asset Management will acquire One Mount, a mixed-use leisure complex in Ilsan, Goyang, Gyeonggi Province. Entering a second corporate rehabilitation proceeding, One Mount is set to welcome Leading Asset Management as its new owner through a pre-approval merger and acquisition (M&A). Most of the acquisition price, excluding the administrator's special remuneration and the sale manager's fee, will be used to repay existing rehabilitation claims and secured rehabilitation claims.
According to the investment banking (IB) industry on the 19th, Leading Asset Management will acquire management control of One Mount for about 179 billion won. The deal will proceed as a third-party allotment paid-in capital increase in which One Mount issues new shares to Leading Asset Management. Leading Asset Management will pay 8.95 billion won in the first paid-in capital increase and 170.05 billion won as the remaining balance in the second. The sale managers are a consortium of Samil Accounting Corporation and the law firm Bareuljeong.
Existing shareholders' equity will be settled according to the rehabilitation plan. After consolidating 1,152,000 common shares and 1,248,000 preferred shares into one share, all will be retired without consideration except for the one share held by GRANDWAY INVESTMENT Inc. Shares issued through debt-to-equity conversion of rehabilitation claims are also all subject to retirement. After that, Leading Asset Management will participate in the paid-in capital increase and become the new largest shareholder.
Existing shareholders include Cheongwon Construction, Grandway Investment, C&S Asset Management, GREEM, and CXC. Cheongwon Construction holds 26.92% of common shares and 12.08% of preferred shares, and Grandway Investment holds 7.08% of common shares and 2.92% of preferred shares. Grandway Investment is a U.S. corporation in which Daeyang Construction and Daeyang Industrial Development held 100% equity. The two companies were where Chairperson Lee Il-jun was the largest shareholder.
One Mount is a mixed-use leisure complex that opened in 2013. It has leisure facilities such as a water park, snow park, and sports club, and commercial space with about 250 stores. As profitability deteriorated due to operational disruptions during COVID-19, it entered rehabilitation proceedings for the first time in 2024. It pursued a pre-approval M&A last year, but as the rehabilitation plan was voted down, the proceedings were terminated in February this year, and after reapplying, it entered the second proceeding in April.
One Mount's financial structure has also significantly worsened. As of the end of last year, current liabilities stood at 327.6 billion won and accumulated deficits at 211.8 billion won. As losses far exceeded the 12 billion won in capital, it is understood that the rehabilitation plan was drawn up to settle the existing capital and inject new funds.
One Mount operates facilities by leasing land owned by Goyang City on a long-term basis and returns the facilities to Goyang City after the contract ends. Because of this, during the rehabilitation process, creditors' interests diverged over the liquidation value of the facilities and whether Goyang City would take over and compensate. In the end, there was opposition from the class of secured rehabilitation creditors at the stakeholders' meeting, and it was reported that the court issued a cramdown approval and the transaction proceeded.
Leading Asset Management, established in 2016, is a specialized private collective investment business. It focuses on real estate development projects and alternative real estate investments such as real assets and NPLs. In September last year, it registered as a general partner (GP) of an institutions-only private collective investment vehicle, expanding its investment scope.