Korea Thrunet, the country’s third largest broadband service provider with 1,300,118 paying end-users, filed a bankruptcy petition with the Seoul District Court. The bankruptcy court, at its sole discretion, decides whether or not to issue a stay order within 14 days from the filing of such petition, and whether or not to issue an order of commencement within 30 days from the filing. The court will also appoint an administrator while the company puts together a reorganization plan. Korea Thrunet said its financial position has gradually improved as its overall liabilities have declined by 50% since the end of 2001.
http://www.thrunet.com
- In mid-January 2003, Hanaro Telecom, the second largest fixed-line carrier in Korea, abruptly and unilaterally terminated an agreement to acquire Korea Thrunet’s outstanding common shares from Trigem Computer, Naray and their 6 affiliates. At the time, Thrunet said it regretted the sudden termination, but viewed it as the loss of just one option among several that the company had for its ongoing corporate restructuring. Hanaro’s total broadband subscriber base at the end of Q4 was 2,877,526, an increase of 0.86% from 2,852,976 at the end of Q3.