Korea Thrunet seeks receivership due to debt load.

Australasian Business Intelligence, March, 2003

Mar 05, 2003 (The Asian Wall Street Journal - ABIX via COMTEX)

Korea Thrunet has announced that it has filed for court receivership with the bankruptcy court in South Korea. The broadband Internet services provider had liabilities of 800 billion won at the end of January 2003, as well as interest-bearing debt of 560 billion won. A spokesperson for the company said that placing itself in court receivership would help it "get back on its feet". It will continue to provide services to its 1.3 million subscribers. Korea Thrunet has around 13 per cent of the South Korean broadband Internet services market. KT Corporation has almost 50 per cent market share, while Hanaro Telecom has around 29 per cent.

Publication Date: 4 March 2003

KOREA THRUNET...

            
        
    
    	    
                
                
	

		

					 
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