Park Hyo Shin Pays Back Debt with Help from Agency
It has been reported singer Park Hyo Shin paid back his debt he owed to his former agency through receiving help from his current agency, Jellyfish Entertainment.
On MBC’s “Section TV Entertainment Relay,” which aired on March 30, a representative of Jellyfish Entertainment confirmed in a phone conversation, “The debt increased from 1.5 billion won (approx. $1.4 million) to 3.3 billion won (approx. $2.8 million) due to interest. It has been decided that the agency would help him repay his debt.”
In June 2012, the Busan District Court ruled Park Hyo Shin owed his former agency, Interstage, 1.5 billion won for violating an exclusive contract. Thereafter, the singer filed for a general reorganization process. However, the court ruled in February 2014 to stop his reorganization proceeding and added an additional 1.8 billion won for court fees and interest to the total amount of debt he owed.
The rep added, “Park Hyo Shin was experiencing financial difficulties and the debt amount was so high. The company decided to help him repay his debt. Park Hyo Shin will be able to let go of the burdens and solely focus on his music.”
Meanwhile, Park Hyo Shin released his new single “Wild Flower” and March 28 after a three-year hiatus.