▲ View of the JTBC headquarters in Mapo-gu, Seoul
JoongAng Holdings and key subsidiaries of the JoongAng Group have filed for corporate rehabilitation with the court.
This comes just two days after a default occurred on JTBC's short-term electronic bonds.
According to legal sources, the Seoul Bankruptcy Court received applications for the commencement of corporate rehabilitation proceedings yesterday (June 14) from a total of four entities: the group's holding company, JoongAng Holdings, as well as key subsidiaries Contentree JoongAng, Megabox JoongAng, and JoongAng P&I.
As of 9:00 a.m. today, it is understood that the case has not yet been assigned to a judicial panel.
This filing for rehabilitation appears to be a measure taken as the liquidity crisis across the JoongAng Group has become a reality.
Previously, on June 12, JTBC's credit rating was downgraded after it failed to repay 20.6 billion won in securitized borrowings on time.
It has been confirmed that the group's holding company, JoongAng Holdings, is included in the scope of this rehabilitation filing.
Key operating companies Contentree JoongAng and Megabox JoongAng have also filed for rehabilitation, suggesting that the group is moving to restructure its financial standing at the group level rather than addressing the issues of individual subsidiaries.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.