"More than 75% of creditors agreed" JoongAng Ilbo enters workout

[Financial News] JoongAng Ilbo will ultimately enter a creditor-led joint management procedure. Three weeks after applying for a workout, the company secured consent from financial creditors and is expected to begin efforts to normalize management.
According to industry sources on the 10th, Hana Bank, JoongAng Ilbo's lead creditor bank, and financial creditors held their first consultative meeting that day and approved the agenda to launch the workout. By 6 p.m. that day, the amount of debt held by creditors in favor had exceeded 75%, meeting the requirement to begin the process.
The creditors' group will then review JoongAng Ilbo's assets, liabilities and business conditions before drawing up debt restructuring measures and a plan to restore management stability. Meanwhile, JoongAng Ilbo applied for a workout on the 19th of last month as a prolonged management crisis across JoongAng Group led to a credit rating downgrade and growing short-term liquidity pressure.

butter@fnnews.com Kang Kyung-rae Reporter