After a long struggle, Hyunju Computer goes under

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After a long struggle, Hyunju Computer goes under

Hyunju Computer Co., a Korean computer maker, said it will declare bankruptcy today. In a report to the Financial Supervisory Service yesterday, Seoul-based Hyunju announced that it was unable to settle bills amounting to 2.4 billion won ($2.4 million), which it was supposed to have paid to the Guro branch of the Industrial Bank of Korea by 4:30 p.m. yesterday. The bank froze the company’s financial transactions beginning today. “Hyunju tried to get credit through the Korea Technology Credit Guarantee Fund, but was rejected. As of now, it doesn’t have any other options,” a bank official said. Hyunju became one of Korea’s top computer makers in the early 1990s, offering high-performance personal computers at comparatively lower prices. After it listed on the Kosdaq market, however, cheaper computers started flooding in from China and Taiwan and the company lost its competitive edge. In 2003, it suddenly announced that it was withdrawing from the PC business, and in 2004, then-president Kim Dae-sung said that he was going to step down and give up his shareholdings. The firm then went through a period of constant difficulties. by Wohn Dong-hee
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