Wonseok School Foundation, the legal entity behind Shin Gyeongju University, has entered court-supervised rehabilitation proceedings following a decision by the Daegu Rehabilitation Court.
According to the foundation, it must submit a list of creditors to the court by Sept. 15 and file a final rehabilitation plan by Dec. 29.
The foundation was declared bankrupt on July 3 and filed for rehabilitation with the court on July 23.
A significant number of faculty and staff at Silla High School and Shin Gyeongju University, along with enrolled students, submitted petitions to the court calling for the foundation's rehabilitation.
The proceedings trace back to May 2022, when 81 members of Gyeongju University — the predecessor to Shin Gyeongju University — filed for the foundation's bankruptcy, claiming they had gone without pay for 28 months.
A Wonseok School Foundation official said the foundation plans to pursue asset sales more systematically by engaging a professional advisory firm, adding that it would work to minimize harm to school members and restore normal operations at both the university and the high school.
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