SK Energy in Successful Consent Solicitation

November 26, 2010

Cleary Gottlieb represented SK Energy Co., Ltd in a successful solicitation of consents from the holders of its outstanding $300 million 5.875% Notes due 2011, $450 million 7.00% Notes due 2013 and $185 million Floating Rate Notes due 2011. SK Energy sought approval from the bondholders for its reorganization plan involving the split off of its refinery and marketing business and its petrochemicals business into two newly organized subsidiaries. BofA Merrill Lynch and Citi were the solicitation agents. The consent solicitation was launched on October 4, and the reorganization plan was approved at bondholders’ meetings held on October 26 and at a shareholders’ meeting held on November 26.

SK Energy is the leading petroleum refiner and one of the leading petrochemical manufacturers in Korea. It is also a market-leading manufacturer of lubricant products in Korea and engages in exploration and production of natural resources globally.