Ilsung Corporation gets OK to reopen after bankruptcy

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Ilsung Corporation gets OK to reopen after bankruptcy

Ilsung Corporation, a small petrochemical exporter bankrupted by its failed attempt to hedge the risk of currency exchange in March, was approved to resume operation at Ulsan District Court last week.

Before it went out of business, the company established in 1984 saw 90 percent of its annual 200 billion won ($185 million) in sales from overseas experts to many of the well-known oil or petrochemical companies including Shell. The company was approved for a corporate workout program last April.

“Throughout the workout program, the company has kept the communication channels with its export partners, and encouraged us to recover from the difficulties,” said an official at the company. “As many of our business partners have delivered their will to cooperate with us with future projects, we will try to put our best effort to raise sales and build more competitiveness in the market for more settable performance,” said the company in a statement yesterday.

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