K-Pop Scandal-Ridden Burning Sun Entertainment Goes Bankrupt After Assets Fall Below 500 Million KRW
Burning Sun Entertainment has gone bankrupt. The corporation the infamous nightclub Burning Sun in Gangnam has officially begun bankruptcy proceedings, as reported by Korean media.
On March 25, legal sources stated that the Seoul Bankruptcy Court’s Division 13 declared simplified insolvency for the company on March 18 pushing it into liquidation. The procedure comes into play when the debtor’s remaining assets are less than 500 million KRW (approximately $342,000).
For the unversed, former BIGBANG member Seungri was an internal director at Burning Sun, the place where the alleged Burning Sun incident emerged in 2018.
About Burning Sun
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