K-pop diva Lee Eun-ha bankrupt
K-pop diva Lee Eun-ha has gone into bankruptcy. / Korea Times file
By Park Si-soo
K-pop diva Lee Eun-ha, who enjoyed her heyday in the 1970-80s, has gone into bankruptcy, a court said Monday.
Seoul Central District Court said the musician, 55, filed for bankruptcy in June.
The court recently concluded that she was unable to pay her personal debt of 1 billion won ($899,600) caused by business failures and guarantees of unpaid loans.
“The court’s decision (to push Lee into bankruptcy) was based on its projection of her expected income over the next 10 years,” said a court official familiar with the matter.
“Our projection is that her current debt is bigger than her incomes combined over the next 10 years.”
Under the decision, Lee’s debt will be adjusted to a level she is able to repay over 10 years under the court-administered repayment program.