Kim Kwang Soo (49), the CEO of Core Contents Media and creator of 'Davichi', 'T-ara', and 'Co-Ed', has filed for personal bankruptcy with the Seoul Central District Court. Back in 2000, Kim stood as surety for a Phoebus shareholder by the name of 'A'. But in April of 2009, Phoebus was delisted by the Korean Securities Dealers' Automated Quotation (KOSDAQ) due to full capital erosion. Kim was left with a substantial debt of $16.5 million USD. "At the time, I couldn't do anything but sign as the CEO of the company, and now it has come to this. I've already auctioned off two of my buildings," said Kim. Each of these buildings were worth $6-7 million USD. He continued, "I now have no money, and have no means to pay off my debt, which is why I filed for personal bankruptcy." Kim entered the entertainment industry in 1981 as singer In Sooni's manager. He then became the producer for Jo Sung Mo, SG Wannabe, SeeYa, M to M, Kim Wan Sun, Kim Joong Chan, Kim Minwoo, Yoon Sang, No Young Shim, Davichi, and Co-Ed. He's also worked with other artists such as Lee Mi Yeon, Jung Junho, Shin Dong Yeop, Song Seung Hyun, Kim Jung Eun, Han Eun Jung, Lee Hyori, and F.T Island. Kim has also produced the dramas 'East of Eden' and 'Cinderella Man', in addition to the movies 'Death Bell', and 'A Story Sadder Than Sadness'. -- UPDATE: It was confirmed by Sports Chosun that the news of Kim Kwang Soo filing for personal bankruptcy occurred one year ago, but was only reported about recently. Kim Kwang Soo told Sports Chosun, "It happened at the end of last year, but it was only exposed recently. It has no relations with Core Contents Media." Source: Newsis