Onse Telecom under receivership
The Suwon District Court yesterday ordered Onse Telecom Corp., a long distance and international phone service provider, to be put under court management. Onse Telecom filed for court receivership last month after running into financial difficulties. Hwang Kyu-byung, 60, the former head of Samsung SDI Corp. in China, was appointed a supervisor of Onse Telecom. “The start of court receivership will make all bonds frozen, which will solve our liquidity problems,” an Onse Telecom official said yesterday. “The company will be able to intensively invest in improving its quality of services and launching new services with money that would otherwise be used to pay debts. The company’s financial structure is expected to be enhanced.”
with the Korea JoongAng Daily
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