JTBC, a general programming channel that filed for corporate rehabilitation due to a liquidity crisis, has expressed its intention to participate in the Autonomous Restructuring Support (ARS) program.
On Monday, June 15, JTBC submitted an application to the 2nd Division of the Seoul Bankruptcy Court to postpone the commencement of rehabilitation proceedings.
This effectively signals the company's desire to utilize the ARS program.
The ARS program is a system in which the court postpones the commencement of compulsory rehabilitation proceedings to allow a company and its creditors to negotiate restructuring autonomously.
If the court approves the ARS program, the commencement of rehabilitation proceedings can be postponed for up to three months.
If significant progress is made in negotiations, the postponement period can be further extended.
Among the five affiliates of JoongAng Group that filed for corporate rehabilitation, it is reported that only JTBC has requested the application of the ARS program so far.
On Monday, the court also issued preservation orders and comprehensive injunctions against JoongAng Holdings, JTBC, Contentree JoongAng, Megabox JoongAng, and JoongAng P&I.
A preservation order prevents a company from disposing of its assets or making biased repayments to specific creditors before the court decides to commence rehabilitation proceedings.
Conversely, a comprehensive injunction is a measure that freezes claims, preventing creditors from securing the company's major assets through compulsory execution, provisional seizure, or auctions before the rehabilitation process begins.
Separately from the rehabilitation filings of the five companies, the JoongAng Ilbo has decided to pursue a workout, or corporate financial structure improvement program.
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.
JTBC also filed for rehabilitation on June 15.
The bankruptcy court has assigned the cases of each company to the 2nd Division of the Bankruptcy Court, allowing a single judicial panel to review them collectively.
The court is expected to schedule a hearing for the representatives of the companies in the near future.
Reported by Kim Jiuk | Video by Kim Hye-ju | Graphics by Lee Soo-min | Produced by SBS Digital News
※ Please note: This article was translated by AI and may contain errors.
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