▲ Press conference held by the JTBC and JoongAng Ilbo Bond Victims Solidarity
Individual investors who purchased bonds issued by JoongAng Group affiliates, including JTBC, have called for a thorough investigation by the presidential office and other authorities, alleging a case of "planned bankruptcy."
The JTBC and JoongAng Ilbo Bond Victims Solidarity held a press conference titled "Condemning JoongAng Group's Planned Bankruptcy and Demanding Compensation for Creditors" in front of the Blue House Sarangchae in Jongno-gu at 11:00 a.m. today (June 28).
"We invested our retirement funds, housing deposits, and money for our children's weddings, trusting only the reputation of a leading South Korean media company and the 'investment grade' ratings from credit agencies," they stated. "Instead, we were met with a sudden, surprise application for corporate rehabilitation and notification of a workout program without any prior warning."
They emphasized, "This is a game of passing the bomb, where they raised money without the ability to repay it, and a case of 'cutting off the tail' by sacrificing individual creditors. It is clearly a 'planned bankruptcy' and a 'scam against ordinary citizens.'"
The victims' group had planned to deliver a petition to the presidential office today, calling for an investigation into the securities firms that sold the JoongAng Group bonds and the accounting firms that audited the group. However, they postponed the delivery to later this week as there were no staff members available to receive it.
On June 12, JTBC declared a default after failing to repay 20.6 billion won in securitized borrowings upon maturity, and filed for corporate rehabilitation with the court three days later on June 15.
JoongAng Ilbo officially applied for a workout (corporate debt restructuring) on June 19.
(Photo: Yonhap News)
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