Amount of OMEGAX debt?
It has been confirmed that the group OmegaX took on about 4.3 billion won in debt for the release of the album and support for activities of its former agency, Spire Entertainment. IPQ, which newly signed an exclusive contract with OmegaX, took over the debts. Danal Entertainment’s investment in advance payments of 5 billion won to Spire Entertainment and OmegaX became the problem.
Earlier, Danal Entertainment invested KRW 5 billion in advance payments to support activities of OmegaX, in January 2022. However, after Danal Entertainment’s investment was made, the controversy over the abuse of power and forced harassment of the CEO of Spire Entertainment was revealed in October 2022. OmegaX held a press conference in November of that year and CEO of Spire Entertainment resigned. Later, OmegaX members applied for a temporary injunction against Spire Entertainment, and the court accepted it in January 2023. The decision put Spire Entertainment in a corner. Danal Entertainment invested in Spire Entertainment, and Omega X took the remaining 4.3 billion won in advance payment. This condition resulted in Spire Entertainment and Omega X’s exclusive contract being terminated.
Since then, IPQ has signed a new exclusive contract with OmegaX on the condition that it takes over the pre-payment debts of 4.3 billion won for OmegaX members. The remaining 4.3 billion won in debt that Danal Entertainment invested in Spire Entertainment is currently in IPQ, while the 4.3 billion won in advance investment that Spire Entertainment received from Danal remains in Spire Entertainment’s bank account.
So 4.3 billion of OmegaX debt is left. How to solve this problem seems to be the key.
Previous article of OmegaX, OmegaX tampering or not? CLICK HERE.
