Barun Law LLC (attorneys Choi Jin-Sook, Choi Jae-Woong, Kim So-Yeon, Song Ye-Na, and Lee Sung-Jun) successfully completed the advisory services for Woori Bank regarding the sale of special bonds worth approximately USD140 million.

We have completed the preparation and review of the Loan Sale and Purchase Agreement (LSPA) to sell the unsecured bonds, with a total bond amount of approximately USD140 million based on the outstanding principal balance of 11,951 individual rehabilitation debtors from Woori Bank's non-performing loans (NPL). We also reviewed applicable regulations under the Lending Business Act, the Rehabilitation Act, the Debtor Protection Act, and the Debt Collection Act to provide legal advice on the legal issues arising at each stage of the bond sale.

The sale of bonds by financial institutions differs from typical bond transfers under civil law, as it must comply with the procedures and methods outlined in the debt collection and loan sale guidelines under the supervision of the Financial Services Commission. It also requires a review of restrictions on purchasers, target bonds, and resale, in accordance with agreements made by the Financial Services Commission with banks, savings banks, etc. (such as the Individual Delinquent Debt Purchase Fund Agreement and the Fresh Start Fund Support Agreement). We ensured that the transaction complied with the Financial Services Commission's guidelines and agreements by reviewing relevant press releases and sale guidelines and consulting related government agencies.

Amid the prolonged economic downturn, with an increase in non-performing loans in financial institutions, it is expected that banks will actively liquidate and sell non-performing loans to manage asset soundness. We are actively participating as a legal advisor in the non-performing loan sale projects of the five major commercial banks, offering the best legal services with expertise and practical knowledge in the non-performing loan market.

□  Attorneys in charge: Choi Jin-Sook, Choi Jae-Woong, Kim So-Yeon, Song Ye-Na and Lee seong-Jun