JTBC Begins Sale Process

[Financial News] JTBC will move ahead in earnest with a sale process aimed at restoring management stability, following the court's decision to begin rehabilitation proceedings.
JTBC said on the 28th that the Seoul Bankruptcy Court had decided to begin rehabilitation proceedings for the company.
After filing for corporate rehabilitation with the court in June, JTBC had been pursuing an autonomous restructuring support (ARS) program for voluntary restructuring talks with creditors.
After several rounds of talks, the company concluded that opening rehabilitation proceedings would be more effective in protecting creditors' rights, and did not apply for another extension of the ARS program. As a result, the court decided to begin rehabilitation proceedings on the same day.
JTBC said, "All executives and employees will do their utmost to restore management stability through an early sale."
Meanwhile, JTBC declared default in June after failing to repay 20.6 billion won in asset-backed borrowing. JTBC, along with JoongAng Holdings, ContentreeJoongAng Corp., Megabox JoongAng Co., Ltd., and JoongAng P&I Co., Ltd., then filed for corporate rehabilitation with the court. The four affiliates other than JTBC entered rehabilitation proceedings at the end of June.
JTBC had attempted voluntary debt restructuring with creditors, but ultimately shifted to court-led rehabilitation and is now seeking normalization through a sale.
[email protected] Shin Jin-a Reporter