Court Initiates Rehabilitation Proceedings for JTBC, Plans Due by Next January

JTBC is ending autonomous restructuring with its creditors and entering court-led corporate rehabilitation proceedings.

The Seoul Bankruptcy Court decided to commence rehabilitation proceedings for JTBC today (the 28th).

The court explained that amidst continuously rising production costs, including appearance fees and labor costs, and a shrinking broadcasting advertising market, JTBC experienced a large short-term cash outflow due to payments for Olympic broadcasting rights.

Accordingly, JTBC must submit a rehabilitation plan to the court by January 29 of next year, following procedures such as creditor investigations and stakeholder briefing sessions.

Previously, the court accepted JTBC's request to devise self-rescue measures through autonomous restructuring and approved the program, but with this decision to commence rehabilitation, the two-month autonomous restructuring has ended.

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