[메자닌 투자파일] 조광페인트, 풋옵션 줄상환…재무 부담 확대

Chogwang Paint is facing significant liquidity risks as investors exercise put options on mezzanine instruments due to a stagnant stock price that remains below conversion levels. The company's financial burden is further intensified by the costly acquisition of its struggling subsidiary, CK EM Solution, signaling a critical need for structural reform to manage cash flow. This situation highlights the inherent risks of mezzanine financing for mid-cap industrial firms when market valuations fail to meet investor expectations.