Seoul Metropolitan Office of Education "Establishing Measures to Prevent Harm to Students at Myongji Kindergarten, Elementary, Middle, and High Schools"

Court to be requested to allow freshmen to graduate normally in preparation for bankruptcy
Myeongji Academy "Will reapply for rehabilitation... Preparing the best rehabilitation plan"

[Asia Economy Reporter Han Jinju] The Seoul Metropolitan Office of Education announced on the 10th that it is establishing measures to prevent any harm to current students and new enrollees of the kindergarten, elementary, middle, and high schools operated by Myongji Academy.

The Seoul Metropolitan Office of Education stated, "Even if the school corporation Myongji Academy goes bankrupt, we plan to request the court to allow new students of the 2022 academic year to graduate normally from their current schools."

As of February, there are a total of 2,821 students enrolled in Myongji Kindergarten and Myongji Elementary, Middle, and High Schools. Among them, 839 are new students for the 2022 academic year.

The Seoul Metropolitan Office of Education said, "We are closely monitoring the bankruptcy proceedings of Myongji Academy and are reviewing student placement measures, including whether to assign new middle and high school students enrolling in the 2023 academic year to Myongji Middle and High Schools."

In the event that the school corporation's bankruptcy is confirmed, they will consider whether to assign new students or to graduate current students first and not assign new students.

Myongji Academy is pursuing a reapplication for rehabilitation procedures, and if unavoidable bankruptcy proceedings proceed, it plans to coordinate with the court, the Ministry of Education, and other related institutions to take appropriate measures.

The 18th Division of the Seoul Bankruptcy Court decided to suspend the rehabilitation proceedings of Myongji Academy on the 9th. Myongji Academy's debt amounts to approximately 235.8 billion KRW. The rehabilitation plan submitted by Myongji University includes repayment of 180 billion KRW of this debt.

Myongji Academy explained, "The suspension of the rehabilitation proceedings was requested by the creditor, SGI Guarantee Insurance, and currently, the debtor Myongji Academy will reapply for rehabilitation reflecting the Ministry of Education's opinions. The Ministry of Education has also expressed its willingness to cooperate with Myongji Academy's rehabilitation application, and Myongji Academy is preparing the best possible rehabilitation plan."

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