I just dug out my sister's old acoustic guitar, it's a Sekova, says Made in Korea on the inside. I couldn't find much info from a google search other than they're not really worth much, and were Fender knock offs back in the 60s, but I think that may have been more the electrics...who knows.
Anyway, I would like to see about getting this baby fixed up for myself to play. It's a much thinner body size than my Yamaha, which is a dreadnaught and drives me crazy because it slides off my leg too much, etc. I have short arms, and we'll leave it at that...
So just from looking at this guitar, it seems to be in bad shape. The tuning pegs are plastic, and one is broken off. The screws and other metal parts are all rusted. The frets are rusted too, as well as the metal parts of the bridge. So i'm assuming that would all have to be redone...which sounds pricey to me. But, would it be as pricey as just buying a new acoustic? I can't afford that right now, but if fixing up this guitar would be in the same price range, I will probably hold off.
Here are some pics, not great quality, just taken with my blackberry: