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| Author: | Lee, C. |
| Title: | Out of tune |
| Journal: | Far Eastern Economic Review
1997 : JAN, VOL. 160:3, p. 42-43 |
| Index terms: | ASIA ECONOMICS COMPANIES |
| Language: | eng |
| Abstract: | Piano maker Samick tried for the business big leagues, but drowned in a sea of debt. Its failure is a stark reminder of the obstacles South Korea's small and mid-size companies face. It took Samick Musical Instruments 38 years to build itself from a small South Korean workshop into one of the world's top piano makers. But a sterling reputation couldn't help Samick stave off its creditors last year when the cash ran out: In October, the company sank into insolvency by defaulting on 2.7 billion won ($3.3million) in bank loans. |
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