TR Entertainment, the company established by the late composer Shinsadong Tiger, has officially gone bankrupt due to financial challenges.

As per legal sources, the Seoul Bankruptcy Court's Rehabilitation Division 16 made a brief bankruptcy decision for TR Entertainment on the 13th of the month. A concise bankruptcy is granted when a debtor's assets amount to less than 500 million KRW (around 344,950 USD) at the time of the ruling.

The major cause of the bankruptcy was financial difficulties. Following Shinsadong Tiger's death last year, TR Entertainment experienced a significant drop in income and the termination of crucial business partnerships, ultimately leading to its closure.

Established in 2020, TR Entertainment was the management company for girl group TRI.BE, EXID’s Elly, and singer Yoo Sung Eun, although their future connections are uncertain.

Shinsadong Tiger was a well-known music producer, creating hit songs for various K-pop artists like 4Minute’s Hot Issue, Apink’s NoNoNo, T-ara’s Roly-Poly, and EXID’s Up & Down.

Nevertheless, his business endeavors resulted in financial challenges, accruing debts of roughly 1.7 billion KRW. In 2017, he applied for corporate restructuring, and the subsequent year, the court approved a financial reorganization blueprint that mandated him to reimburse 70% of his debts over a decade.

FURTHER READING: Actress Lee El stands up for the late Kim Sae Ron amidst ongoing controversy.