SEOUL, Nov. 6 (Korea Bizwire) – Pizza Hut Korea filed for court receivership after being ordered to pay billions of won in damages following a lawsuit by franchise owners, marking a significant downturn for the once-prominent pizza chain in South Korea. The company submitted its application for bankruptcy protection to the Seoul Bankruptcy Court on November [...]
SEOUL, Apr. 24 (Korea Bizwire) — More than 8 out of 10 people who filed for bankruptcy in Seoul last year were in their 50s and older, with many of them found to be male and people living alone, data showed Wednesday. Of the 1,361 valid applications filed with the Seoul Financial Welfare Counseling Center [...]
SEOUL, Oct. 28 (Korea Bizwire) — South Korea will introduce a fast-track liability exemption program for the economically-vulnerable class, enabling the bankruptcy procedure to be completed instantly as soon as the court approves the discharge. The Seoul Bankruptcy Court, together with the state-run Credit Counseling and Recovery Service, announced on Thursday that it will implement [...]
SEOUL, Oct. 3 (Korea Bizwire) — The number of personal bankruptcy filings neared 50,000 last year amid a prolonged economic slowdown resulting in part from the COVID-19 pandemic. According to the National Court Administration, the number of personal bankruptcy cases filed in court across the country totaled 49,063 last year, down 2.6 percent from a [...]
SEOUL, Feb. 23 (Korea Bizwire) — In Seoul, most of those who filed for personal bankruptcy were older than 50 years and single-person households accounted for more than a half of them, the city-run welfare center said Tuesday. The number of personal bankruptcy applications filed with the Seoul Bankruptcy Court last year totaled 10,873, up [...]
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 [...]
SEOUL, June 17 (Korea Bizwire) — Bandi & Luni’s, the country’s third-biggest bookstore chain that runs both online and in-person channels, has filed for bankruptcy. Seoul Mungo, the company behind the bookstore chain, sent an emergency letter notifying the bankruptcy to members of a local publishers’ association on Wednesday. The company reportedly failed to pay [...]
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. [...]
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 [...]
BOSTON, July 8 (Korea Bizwire) – Emergence from Chapter 11 At a hearing on June 30, 2020, the U.S. Bankruptcy Court for the Southern District of New York confirmed the joint Plan of Reorganization (the “Plan”) of Seabras 1 USA, LLC and Seabras 1 Bermuda Ltd. (the “Companies”). On that same day, the Companies consummated [...]