Refining Korea’s Pre-ARS Framework: Comparative Lessons from U.S. Restructuring Support Agreements
-
글쓴이
송지민 2026-10-22
-
한국법제연구원 KJLL 게재
저자: 송지민
▶ 초록
In May 2025, the Seoul Bankruptcy Court introduced the Pre-ARS program on a pilot basis to promote earlier corporate restructuring without the bankruptcy stigma traditionally associated with filing for rehabilitation.
Although Korea’s ARS has been used in practice, most notably in the Tmon, Wemakeprice, and Interpark Commerce cases, its reliance on a formal rehabilitation petition has discouraged timely use and often caused firms to miss the optimal window for intervention. Pre-ARS addresses this gap by enabling confidential, ‘court-assisted’ negotiations with major creditors before financial distress fully manifests and without imposing eligibility thresholds.
Positioned between creditor-driven CRPA workouts and ARS or full rehabilitation proceedings, the program closely aligns with the functional objectives of U.S. restructuring support agreements (RSAs), which foster early consensus while preserving the option of judicial oversight. This paper analyzes the advantages and drawbacks of restructuring support agreements (RSAs) in the USA and explores how Korea’s pre-ARS framework can be further refined to maximize its benefits while minimizing the concerns and criticisms that have emerged in the United States. Ultimately, pre-ARS may provide a hybrid restructuring framework that mitigates coordination problems while balancing flexibility, speed, and early intervention with the procedural safeguards associated with formal rehabilitation proceedings.
▶ 주제어: Pre-ARS program, Out of Court Restructuring Proceedings, ARS (Autonomous Restructuring Support), Rehabilitation, Hybrid Restructuring, CRPA (The Corporate Restructuring Promotion Act), DRBA (The Debtor Rehabilitation and Bankruptcy Act), Preemptive Restructuring, Bankruptcy Stigma, Seoul Bankruptcy Court