▲ JTBC Studio Ilsan
The Korea Communications Commission (KCC) stated that it is closely monitoring the liquidity crisis following the filing for corporate rehabilitation by five companies, including the holding company JoongAng Holdings, just two days after JTBC defaulted on its debt.
As JTBC is subject to a re-approval review (with its previous term having expired on November 30, 2025), the KCC indicated that it would examine the company's financial situation as a key evaluation criterion.
Kim Jong-cheol, Chairman of the Korea Communications Commission, addressed questions regarding the management crisis at JTBC during a press conference held today (June 15) at the Gwacheon Government Complex to mark his six months in office. He stated, "As the competent authority for the broadcasting sector, we are closely monitoring the situation," adding, "I have instructed the secretariat to grasp the situation and continue monitoring."
Chairman Kim said, "Based on what we have confirmed so far, this is primarily a matter of financial normalization and a liquidity crisis, and we understand that this itself will not have an immediate, direct impact on the broadcasting operations themselves."
However, he also hinted at plans to scrutinize the company's financial status, given that JTBC is subject to a re-approval review.
"JTBC is subject to the re-approval process, and since financial and technical evaluations are included as key assessment items in that process, we will be watching closely," Chairman Kim emphasized.
Following the filing for rehabilitation by four companies—Contentree JoongAng, Megabox JoongAng, JoongAng Holdings, and JoongAng P&I—on the afternoon of yesterday (June 14), JTBC also filed for rehabilitation this afternoon, bringing the total number of companies involved to five.
The Seoul Bankruptcy Court has assigned the cases to the 2nd Bankruptcy Division (Presiding Judge Jung Joon-young). The court will determine whether to commence rehabilitation proceedings by evaluating whether the five companies have the viability to continue their operations.
In principle, if the court determines there is no possibility of rehabilitation, it may declare bankruptcy.
The decision on whether to commence rehabilitation proceedings is typically made within two to three weeks.
JTBC failed to repay 20.6 billion won in asset-backed borrowings on the 12th, leading to a downgrade in its credit rating.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.