Issue of Asset Backed Securities has been favored by Korean financial institutions and companies as an external financing method. Since the “Asset Backed Securities(ABS) Acts” was introduced in September 1998, the size of ABS issuance was significantly increased to approximately 40 trillion Won in 2003 from about 7 trillion Won in 1999. In addition to corporate bonds, ABS issuance is apparently playing an important part of companies' external financing activities. The main reason why ABS issuance is substantially increased is because even financially distressed companies that are not able to fiance through stock or debt issuance can raise the external funds through securitization of asset held by them.This case is designed to study how Dongbang Mobile Telecom, a financially destressed company, raises external funds through securitization of its real estate, a typical illiquid asset. This case will provide fundamental understanding of Asset backed Securitization and offer considerations for ABS Originators, especially whose underlying asset is real estate, such as ABS advantages over asset sale and traditional mortgage loans.