[풍전등화 광명전기]⑧ 회생 절차시 '감자' 막을 수 없어…경영진 타격은 없어 [넘버스]

The Kwangmyung Electric case highlights a critical legal loophole where management can bypass shareholder consent to execute massive capital reductions during corporate rehabilitation. This situation raises serious concerns about corporate governance and moral hazard, as management with no equity stake can shift the burden of financial failure entirely to shareholders while attempting to maintain control through strategic rights offerings.