bankruptcy Archives | Be Korea-savvy
Personal, Corporate Bankruptcies Surge Due to Economic Impacts of COVID-19

Personal, Corporate Bankruptcies Surge Due to Economic Impacts of COVID-19

SEOUL, Sept. 27 (Korea Bizwire) — Personal and corporate bankruptcies filed in South Korea showed a double-digit increase last year, a report said Monday, due mainly to the economic impact of the COVID-19 pandemic. The report issued by the National Court Administration said the number of personal bankruptcies filed in 2020 rose by 10.4 percent [...]

S. Koreans in 50s and 60s Forced Towards ‘Bankruptcy Cliff’

S. Koreans in 50s and 60s Forced Towards ‘Bankruptcy Cliff’

SEOUL, March 2 (Korea Bizwire) — The primary reason for indebtedness among those who filed for individual bankruptcy and indemnity through the Seoul Metropolitan Government was living expenses, a data showed Monday. The Seoul Welfare Foundation investigated the living conditions of 1,108 debtors who filed for individual bankruptcy and indemnity through the foundation last year. [...]

Seaborn Charts Course After Successful Emergence from Chapter 11

Seaborn Charts Course After Successful Emergence from Chapter 11

BOSTON, July 8 (Korea Bizwire) — Following its successful emergence from Chapter 11, leading subsea cable systems operator Seaborn, today announced the appointments of board members Pete Hayes and Don Shassian, as Interim CEO and Interim CFO, respectively. “We are excited about the future and sincerely thank all of our employees, customers, providers and other [...]

Nuvectra® Continuing to Support Current Patients with the Algovita® Implant as Company Voluntarily Files for Chapter 11

Nuvectra® Continuing to Support Current Patients with the Algovita® Implant as Company Voluntarily Files for Chapter 11

PLANO, Texas, Nov. 12 (Korea Bizwire) — Nuvectra Corporation (NASDAQ: NVTR) (“Nuvectra” or the “Company”), a neurostimulation medical device company, today announced that it has elected to file a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Texas (the “Court”). [...]

Personal Bankruptcies on the Rise Among Young S. Koreans

Personal Bankruptcies on the Rise Among Young S. Koreans

SEOUL, Oct. 7 (Korea Bizwire) — Fewer South Koreans are filing for personal bankruptcy, with the notable exception of those in their 20s, the only age group for which bankruptcies are actually increasing. The Supreme Court reported to Rep. Kim Byung-wook that the number of personal bankruptcies among 20-somethings increased from 691 cases in 2015 [...]

Sungdong Shipbuilding on Verge of Bankruptcy After Failing to Find Eligible Bidders

Sungdong Shipbuilding on Verge of Bankruptcy After Failing to Find Eligible Bidders

SEOUL, Jun. 14 (Korea Bizwire) — Sungdong Shipbuilding & Marine Engineering Co., a midsized local shipbuilder currently under court receivership, is on the verge of declaring bankruptcy, industry insiders said Friday, after it failed to find eligible buyers ahead of a deadline for its sale. The Changwon District Court, which manages Sungdong’s rehabilitation process, rejected [...]