[Exclusive] 'Blackholic' Invested by 'KT Nasmedia' Declared Bankrupt... Emergency over 23.2 Billion Won Unrepaid Balance

Digital advertising company and KOSDAQ-listed KT Nasmedia, which made a large-scale investment for strategic partnership purposes, has seen Blackholic Co., Ltd. declared bankrupt by the court. Consequently, uncertainty over the recovery of the convertible bonds (CB) in the 23 billion won range held by Nasmedia is growing, making a financial blow inevitable.

The Seoul Bankruptcy Court Division 12 (Presiding Judge Choi Doo-ho) announced on the 19th that it declared bankruptcy for Blackholic Co., Ltd. (CEO Jang Se-ok).

With this bankruptcy declaration, a red light has turned on for the fund recovery of Nasmedia, which invested 30 billion won in Blackholic. According to related disclosure data, on August 30, 2023, Nasmedia acquired the 2nd registered private convertible bonds (CB) issued by Blackholic for 30 billion won for strategic partnership purposes. The maturity date of the bonds was originally April 28, 2026, with a coupon rate of 2.0% and a yield to maturity of 6.0%.

The problem is that the principal yet to be recovered is substantial. According to the data, as of the end of September 2025, the unrepaid principal of this convertible bond amounts to 23.2 billion won. Initially, Nasmedia held the right to request early repayment (Put Option) from the day after the issuance date until March 31, 2025, but this early repayment right has already expired due to the passage of maturity.

Blackholic is a commerce company operating over 10 brands across categories such as living (Kkalkkeumdaejang/Ilsanggonggam), automotive (Road Monster/Blackpot), fashion (Relaxism), and beauty (Merythod/Ipnery/Gently). Established in May 2019, it had achieved a revenue level of approximately 290.2 billion won (as of 2022).

As the bankruptcy procedure commences, creditors, including Nasmedia, are prohibited from exercising individual claims, and will follow a procedure where a bankruptcy trustee liquidates the debtor's assets and distributes dividends. Considering that the dividend rate in bankruptcy procedures is typically not high, it appears that the reflection of losses on the financial statements, such as the establishment of an allowance for bad debts for the 23.2 billion won unrepaid principal, will follow.