Statement on the Commencement of Rehabilitation Proceedings for Wonseok Educational Foundation
SGU
On August 25, 2026, the Daegu Rehabilitation Court issued an order commencing rehabilitation proceedings in response to the application for commencement of rehabilitation proceedings submitted by the Wonseok Educational Foundation on July 23. Accordingly, the Wonseok Educational Foundation has moved out of the bankruptcy proceedings declared on July 3 and entered into rehabilitation proceedings.
Leading up to the Court’s decision to commence the rehabilitation proceedings, the majority of faculty and staff members of Silla High School and Singyeongju University, both affiliated with the Wonseok Educational Foundation, submitted petitions to the Court requesting the rehabilitation of the Foundation. In particular, petitions were also submitted by currently enrolled students, who have a direct interest in the rehabilitation and continued operation of the University.
A total of 285 international students also appealed to the Court regarding the need for the University’s rehabilitation. They personally wrote and submitted handwritten letters to the Court expressing their appreciation for the efforts of the University administration, which has provided close support and assistance to them throughout their lives away from home.
In addition, the encouragement and support of many alumni, as well as numerous faculty and staff members who previously worked at Gyeongju University and Sorabol College, have been a great source of strength to our current faculty and staff.
Above all, we are deeply grateful to the leaders of organizations in Gyeongju who entered into agreements with the University in an effort to provide assistance even during the bankruptcy proceedings, as well as to the citizens of Gyeongju who have continued to care for and support Singyeongju University. Thanks to their support and encouragement, we have been given an opportunity for rehabilitation.
With the suspension of the bankruptcy proceedings, third-year students at Silla High School, their parents, and high school faculty and staff members, who have endured considerable anxiety with the College Scholastic Ability Test (CSAT) now approximately 90 days away, will be able to focus on preparing for the examination during the remaining period.
Likewise, prospective students preparing to apply to Singyeongju University for the 2027 academic year, who had been concerned about submitting their applications due to the University’s circumstances, will now be able to apply with less anxiety during the early admission period beginning September 7, 2026.
Going forward, the court-appointed administrator will submit a list of creditors to the Court. As a result, international students who had been facing difficulties in having to file claims for tuition refunds arising from the bankruptcy proceedings will also be able to see some relief from these difficulties.
We fully understand that the commencement of rehabilitation proceedings in itself does not mean that the rehabilitation process has been completed. Our primary goal is to proceed with the sale of assets as quickly as possible, resolve outstanding unpaid wages, and successfully conclude the rehabilitation proceedings.
To this end, the asset disposal process, which has thus far been pursued relying on the Foundation’s own resources, will now be carried out with the assistance of a professional advisory firm. We expect that this professional support will accelerate the asset disposal process.
In addition, we expect that applications for court approval of the disposal of property, which had been delayed following the declaration of bankruptcy, will be able to resume and proceed more quickly following the commencement of the rehabilitation proceedings.
The University will transparently disclose all relevant procedures, progress, and current developments concerning the rehabilitation proceedings.
The land and buildings currently subject to the ongoing property disposal process are listed below.
We sincerely ask for your continued encouragement, interest, and support as Singyeongju University works toward a stable and successful rehabilitation. Thank you.