Although the SK Corporation generated $13.1 billion in sales outside South Korea last year, few Americans have heard of this Korean multinational.
The SK Corporation expressed shock over the decision and asked the creditors to reconsider.
Chey Tae-won (born 3 December 1960) is the chairman of SK Corporation.
SK Corporation expressed their desire to file an appeal.
South Korea's largest oil refiner, the SK Corporation, said its profit last year was 50 percent lower than it had forecast last month.
It was the second raid in a week on the SK Corporation, Korea's largest oil refiner and one of its biggest trading companies.
Also, by focusing its research and development efforts on life sciences, SK Corporation developed YKP1358, a new drug candidate for schizophrenia, in 2003.
SK Energy is a newly formed entity of the former SK Corporation.
The revision deepens fears about the future of the company and its major shareholder, the SK Corporation, Korea's biggest oil refiner.
That company, in turn, owns 8.6 percent of SK Corporation, which made it the refiner's biggest shareholder before Sovereign came along.
