[Asia Economy Reporter Seongpil Cho] Interpark Songin Books, the second-largest book wholesaler in South Korea, has finally declared bankruptcy.
According to the legal community on the 25th, the Seoul Rehabilitation Court's Rehabilitation Division 11 (Chief Judge Changkwon Kim) declared bankruptcy for Songin Books on the 20th and announced the ruling the following day. The bankruptcy trustee is attorney Donghyun Jung, and creditors can file claims with the Seoul Rehabilitation Court until the 23rd of next month. A creditors' meeting will be held on July 21 at the Seoul Court Building.
Starting as Songin Seorim in 1959 and growing into the industry's second-largest publishing wholesaler, Songin Books underwent corporate rehabilitation in 2017 and was acquired by Interpark. However, losses continued, leading to another rehabilitation filing in June last year.
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