Thrunet files for receivership

4 Mar 2003

South Korea’s third largest broadband ISP Thrunet has filed for court receivership due to financial difficulties and increasing competition. The move comes in the wake of Hanaro Telecom’s decision in January to abandon a takeover bid, which would have seen it pay KRW130 billion (USD110 million) for a 72% stake. Hanaro and rival operator KT Corp together claim around 75% of the country’s broadband market, leaving Thrunet with just 10%.