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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Songin Books put under court receivership

  • PUBLISHED :May 01, 2017 - 14:02
  • UPDATED :May 01, 2017 - 14:02
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[THE INVESTOR] A local court on May 1 decided to place Songin Books, a troubled book wholesaler, under court receivership.

The decision was made only one week after the country‘s second largest book wholesaler that went insolvent early this year filed for the court-administered corporate rehabilitation procedure on April 24.

After the request was made, the Seoul Bankruptcy Court called in the president of Songin Books, officials from the domestic online bookseller Interpark that showed an intent to take over the insolvent firm and its creditor banks to discuss the details of the upcoming rehabilitation process.
The court and the parties concerned agreed during the discussion to take the process in a pace faster than the typical “fast track” mode.

By Alex Lee and news wires (alexlee@heraldcorp.com)

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