The Seoul Bankruptcy Court has decided to initiate rehabilitation proceedings for JTBC.
Back in June, JTBC declared a default after failing to repay 20.6 billion won in borrowings, and has since been undergoing an autonomous restructuring program.
The court determined that the company's financial difficulties worsened due to a shrinking broadcasting advertising market compounded by spending on Olympic broadcasting rights fees.
JTBC stated, "We will do our utmost to normalize management through a swift sale."
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Jang Hun-gyeong
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