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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 [...]

Quick Decision-Making and Government Support Key to Helping Troubled Enterprises

Quick Decision-Making and Government Support Key to Helping Troubled Enterprises

SEOUL, May 26 (Korea Bizwire) – Amid the ongoing restructuring of the Korean shipbuilding industry, stories of insolvent global enterprises that have managed to resuscitate themselves have attracted attention. Quick decision-making and bold government support are believed to be the key factors for their revival. GM is one of the companies that succeeded in resuscitating itself, [...]

Local Banks Reduce Loans to Large Companies

Local Banks Reduce Loans to Large Companies

SEOUL, Jul. 20 (Korea Bizwire) — South Korea’s major banks reduced loans to large companies over the past year as they became more reluctant to lend to them amid a series of massive bankruptcies, industry data showed Sunday. Six lenders, including industry leaders Kookmin Bank and Shinhan Bank, extended a combined 95.7 trillion won (US$83.5 [...]