Rehabilitation Hearing Begins for JoongAng Group; Vice Chairman Hong Jeong-do Attends

The Seoul Rehabilitation Court began a representative hearing today (June 23) at 10:00 a.m. for JoongAng Holdings, which has filed for court receivership.

It was confirmed that Vice Chairman Hong Jeong-do of JoongAng Holdings, attending as the representative, entered the courtroom before 9:00 a.m. to avoid the press.

Once the hearing for JoongAng Holdings concludes, representative hearings for JoongAng P&I, JTBC, Megabox JoongAng, and Contentree JoongAng are scheduled to be held in sequence.

The representative of each company will explain the specific scale of debt and debt restructuring plans to the court, and the court will decide whether to commence rehabilitation proceedings after reviewing these details.

The court is required to decide whether to commence proceedings within one month from the date the debtor files for rehabilitation.

The JoongAng Group rehabilitation crisis began on the 12th when JTBC declared a default after failing to repay 20.6 billion won in securitized borrowings upon maturity.

Two days later, on the 14th, JoongAng Holdings, Contentree JoongAng, JoongAng P&I, and Megabox JoongAng filed for rehabilitation proceedings in succession, followed by JTBC on the 15th.

The court assigned all the filing cases to the 2nd Rehabilitation Division and issued preservation orders and comprehensive injunctions to freeze the companies' assets and claims.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.