TS Nexgen sees court reject bankruptcy filing over insufficient proof

TS Nexgen said the Seoul Rehabilitation Court rejected an application to commence its rehabilitation proceedings, ruling that the petitioners failed to sufficiently prove the cause for such measures.

The court dismissed the filing submitted by Hong Oo and 35 other creditors on the 14th, noting the explanation regarding the facts constituting the cause was inadequate. The decision closes case number 2026Hap1074.

The legal setback occurs as the company faces severe financial strain, with half-year revenue from continuing operations plummeting to 5.81 billion won in 2026. This figure represents a sharp contraction from 13.7 billion won in 2025 and 20.9 billion won in 2024.

Industrial facility operations accounted for nearly all of this year's sales, generating 5.62 billion won, or 96.7% of the total. The energy division contributed 500 million won, while the medical device unit brought in just 6 million won. The company's core business includes manufacturing dampers for power plants and ships, busways for power distribution, and selling medical equipment.

Amid these challenges, the firm continues to develop focused ultrasound-based neuromodulation devices through its subsidiary Neurosona.