novelraw Chapter 68
Chapter 68
Already a week had passed since the Cheongwadae meeting ended.
The concerns held at that time had now become a cold reality and were swallowing everything.
While the government’s emergency damage reports pouring out day after day plastered the news, Yeongnam Marine Industry and Sammyeong Heavy Industries were already pushed to the edge of the cliff.
As the dominoes of order cancellations began, revenue evaporated in an instant, and cash flow had dried up long ago.
Loan limits had already revealed their bottom quite some time ago.
For both companies, the expression of being on the verge of bankruptcy was no longer an exaggeration.
“What do we do if it is like this? What are we supposed to do? Please, can we really not do more?”
In the office of the finance team of Yeongnam Marine Industry, the trembling voice of the accounting team leader echoed.
He put down the cell phone he was holding.
With eyes bloodshot red, he messed up his hair wildly and poured out desperate words.The employee, seemingly the same, delivered the same words to the manager.
“Manager, we were rejected this time too. They said they cannot do it because we exceeded the guarantee limit.”
From the financial director to the manager and the working-level staff.
Those gathered in the office were submerged in silence.
No one dared to open their mouths.
The weight of despair was pressing down on their shoulders.
***
CEO Lee Seok-bae of Yeongnam Marine Industry was sitting alone in the CEO’s office at the headquarters.
He looked into the report in his hand for a long time, but no answer was visible.
Eventually, as if surrendering to a sense of helplessness, he dropped his head onto the desk.
CEO Lee Seok-bae picked up the receiver and pressed the number of the person in charge at the Korea Development Bank.
Today alone, he had attempted to call five times and then gave up.
Now, they were avoiding the calls on purpose.
CEO Lee Seok-bae was that desperate.
In fact, he had appealed while repeating it several times during that time, but the answer that returned was only one.
“Government support will come out soon. Wait until then.”
A bitter taste rose in Lee Seok-bae’s mouth, making it dry.
At that time, the door to the CEO’s office opened and the manager of the finance team entered.
“I also contacted the places you mentioned, CEO, but they are dragging their feet, saying they are reviewing the documents.”
Lee Seok-bae bit his lips hard.
A fishy smell of blood now came from inside his mouth.
“We are in a situation where we cannot even pay the employees’ wages, so what on earth are they planning to review?”
Anger and despair were mixed in his voice.
The reality that he had no choice but to watch the company he had built for 30 years in this field crumble was suffocating him.
It was when he was enduring day by day at the edge of a cliff without an answer.
The secretary carefully opened the door to the CEO’s office and entered.
“CEO, a guest has come from Daehan Group. He said he is an executive.”
A moment later, a man wearing a perfectly ironed, neat suit stepped into the CEO’s office.
Confidence overflowed from his gait and expression.
“It is nice to meet you for the first time. I am Han Ji-beom, the General Director of the Financial Strategy Headquarters of Daehan Group.”
He greeted me politely and handed over a business card.
CEO Lee Seok-bae received the business card reflexively.
The neat typeface printed on high-quality paper caught his eye.
“I am the CEO, Lee Seok-bae. Your business for visiting today is….”
At Lee Seok-bae’s question, Han Ji-beom opened his mouth smoothly as if he had memorized a script.
“We are also fully aware of the situation you are facing, CEO.”
No such thing as sympathy could be found in his voice.
“Pardon my rudeness, but I will get straight to the point.”
Han Ji-beom quietly took a proposal out of his bag and placed it on the table.
“In your current state, even if you receive government support, recovery will be difficult. That is, without restructuring and a transfusion of new funds.”
CEO Lee Seok-bae’s hand trembled minutely.
He tried hard to hide the trembling, but he could not avoid Han Ji-beom’s sharp gaze.
“So, are you saying you are going to propose a merger and acquisition?”
“That is correct.”
Han Ji-beom’s answer was without hesitation.
It was as if he were playing a game where the conclusion was already decided.
“We plan to proceed with the acquisition under the name of a subsidiary of Daehan Shipbuilding & Marine Engineering. The legal structure will take the form of an absorption merger.”
Han Ji-beom stopped speaking for a moment and then added with an even lower voice.
“We will ensure that a certain portion of your responsibility as CEO is lightened as well.”
His tone was full of hypocritical consideration.
“The replacement of the board of directors or the timing of retirement are parts that can be negotiated, so please speak comfortably.”
After saying that, he tapped the amount column of the proposal with his finger.
That sound was heard louder than Lee Seok-bae’s heartbeat.
CEO Lee Seok-bae’s gaze was fixed on that number.
It was a number that perfectly suited the word ‘bargain price’ that no industrial valuation could ever match.
Everything he had built for over 30 years was condensed into a few digits.
Compared to the value when the company was healthy, it was an amount not even one-tenth.
No, it was worse than that.
Silence flowed.
Only the sound of the wall clock’s second hand was filling the tension between the two people.
CEO Lee Seok-bae’s expression grew darker and darker.
“Regarding the part you just proposed. Is there any room for negotiation?”
Defeat was deeply embedded in his voice.
He felt like a gambler who had already lost all his cards.
Han Ji-beom lowered his head meaningfully and then raised it.
“CEO, the most important thing right now is the task of saving the employees. It is not the name of the company, is it.”
The expression of Han Ji-beom, who spat out those words, was full of confidence that the match was over.
The faces of the employees came to CEO Lee Seok-bae’s mind one by one.
They had families and livelihoods they had to be responsible for.
Numerous emotions crossed.
Anger surged and then changed into frustration, and frustration changed back into resignation.
And in the end, only the cold recognition of reality at a dead end remained.
Lee Seok-bae himself knew more poignantly than anyone else that he had no more talent for holding out.
He had weighed it countless times while losing sleep at night, but the answer was always one.
“Can you give me some time?”
It was Lee Seok-bae’s last request.
Han Ji-beom nodded generously and replied.
“Of course. However, if it takes too long, we might also have to consider other measures.”
It was not a choice but a notification.
There was no way CEO Lee Seok-bae did not know that.
Han Ji-beom stood up from his seat and took out another business card.
“It is my direct number. You can contact me anytime.”
After he left the CEO’s office, Lee Seok-bae was left alone.
The M&A proposal placed on the table felt as if it were looking down on him from above.
Everything he had built for the past 30 years was organized into these few sheets of documents.
The air in the CEO’s office sank heavily.
As time passed, the weight began to tip toward the merger.
It was the weight of reality that could not be helped.
Outside the window, the appearance of employees working hard was still visible.
They did not know yet.
The fact that this company they were standing on was preparing to become someone else’s.
***
Meanwhile, the situation of Sammyeong Heavy Industries was no different.
Sammyeong Heavy Industries, which had been a long-time subcontractor of Daehan Shipbuilding & Marine Engineering, had continued transactions based on unrivaled technical power in the fields of ship part processing and precision assembly for decades.
This company, which started from his father’s generation, became more solid in the hands of CEO Kim Byeong-kwon.
The high-difficulty welding technology and extreme environment response part design capability possessed by Sammyeong Heavy Industries were at a level that even most large corporations could not imitate.
In particular, the special alloy welding technology that could withstand even minus 40 degrees Celsius was the only one in the country.
Therefore, Daehan Shipbuilding & Marine Engineering was also unable to completely let go of Sammyeong Heavy Industries.
However, recently, the workload has begun to decrease rapidly.
As Daehan Shipbuilding & Marine Engineering reduced new orders along with the worsening international situation, the volume falling to Sammyeong Heavy Industries naturally decreased as well.
Every morning as he went to work, Kim Byeong-kwon’s heart grew heavy while looking at the empty spots in the factory.
The machines that once ran 24 hours now had more days where they were stopped all day long.
The finishing blow was this economic crisis.
Sammyeong Heavy Industries was also being driven to the point just before its breath was cut off while barely holding on as its cash flow was blocked.
It had already been two months since he failed to give the employees their wages on time.
That afternoon, while CEO Kim Byeong-kwon was sitting in his office looking at the financial status sheet.
While he was letting out a deep sigh while looking at the ledger full of red numbers, the secretary knocked on the door.
“CEO, a guest has come from Daehan Group.”
It was an unexpected word.
At the sound of Daehan Group rather than Daehan Shipbuilding & Marine Engineering, CEO Kim Byeong-kwon’s eyebrows rose minutely.
“Daehan Group?”
“Yes, he said he came from the Financial Strategy Headquarters.”
Kim Byeong-kwon sank into thought for a moment.
If it was Daehan Group, it was the parent company of Daehan Shipbuilding & Marine Engineering.
He spoke with an expression full of questions.
“Tell him to come in.”
A moment later, a man with a somewhat sharp impression entered the CEO’s office.
He was wearing an expensive suit but wore a smile that was not arrogant.
“It is nice to meet you for the first time. I am Han Ji-beom, the General Director of the Financial Strategy Headquarters of Daehan Group.”
Kim Byeong-kwon sat down while receiving the greeting.
The first impression of the opponent was not bad, but on one side of his heart, anxiety was creeping up.
“Why suddenly here from Daehan Group….”
Han Ji-beom smiled softly and nodded his head.
His gaze was overflowing with confidence, but somehow it felt unpleasant.
Han Ji-beom took out a document from his bag and held it out.
Kim Byeong-kwon, who received it without even knowing what it was, had a thought that the feeling was not good.
“How is the company these days?”
It was a very intentional question.
“As you know, it is not very good.”
“Well, naturally it would be so. I was guessing as much.”
CEO Kim Byeong-kwon’s mood was quite offended, but he suppressed his emotions with effort.
“CEO Kim, please take a look at the document.”
Only then did Kim Byeong-kwon check the document Han Ji-beom gave.
“This time, our Daehan Group is considering the acquisition of the management rights of Sammyeong Heavy Industries.”
Kim Byeong-kwon’s expression was distorted immediately.
His uncomfortable feeling was correct.
However, the moment he heard it directly, his heart sank.
“Is swallowing a single subcontractor that important to you people?”
Anger was mixed in his voice.
It was the same as asking him to just hand over the company he built for 30 years, and on top of that, the technology he inherited from his father.
With an expression asking what the problem was, Han Ji-beom spoke with a voice full of edge.
“It is not because it is a subcontractor, but because we highly evaluated the technical power that we reached out.”
It was as if he were asking what there was to be dissatisfied about when they were doing this much for them.
Without caring, Han Ji-beom continued his words.
“Is not the reason our Daehan Shipbuilding & Marine Engineering entrusted the work to your company for several years also thanks to that technology.”
Kim Byeong-kwon clenched his fist unconsciously.
They had lived until now with the technology they created, but now those people were trying to steal that technology.
“Are you not saying you are going to take the whole thing now! Are you not being too much!”
Han Ji-beom leaned his body forward.
His expression became serious.
“I will speak honestly. We want to internalize this technology. Is it not an era where we can depend on outsourcing for every single part.”
He continued speaking while pointing to the proposal.
“In the current situation, you yourself will know better, CEO, that it is not easy for Sammyeong Heavy Industries to survive independently.”
In fact, Han Ji-beom’s words also had a point.
There was a condition when contracting with Daehan Shipbuilding & Marine Engineering.
It was a condition to trade exclusively with Daehan Shipbuilding & Marine Engineering.
Because of that, they were also experiencing this current management difficulty.