▲ JTBC
A court has issued an order to freeze the assets and claims of five JoongAng Group companies, including the general programming channel JTBC, which have filed for corporate rehabilitation.
The Seoul Bankruptcy Court's 2nd Rehabilitation Division (Chief Judge Jung Joon-young) issued preservation orders and comprehensive injunctions yesterday (June 15) for the five companies: JoongAng Holdings, the group's holding company, JTBC, Contentree JoongAng, Megabox JoongAng, and JoongAng P&I.
A preservation order prevents a company from disposing of its assets or making preferential repayments to specific creditors before a decision is made to commence rehabilitation proceedings.
Conversely, a comprehensive injunction is a measure that freezes claims, prohibiting creditors from seizing the company's key assets through compulsory execution, provisional attachment, or auctions before the rehabilitation process begins.
Previously, on June 12, JTBC declared a default after failing to repay 20.6 billion won in securitized borrowings upon maturity.
Two days after the default declaration, on June 14, JoongAng Holdings, Contentree JoongAng, JoongAng P&I, and Megabox JoongAng filed for the commencement of rehabilitation proceedings, followed by JTBC, which filed its application on June 15.
The cases for each company have been assigned to the 2nd Rehabilitation Division, where a single panel will review them collectively.
As the applications for rehabilitation have been filed, the court is expected to schedule a hearing for the companies' representatives in the near future, in accordance with relevant laws.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.