Court to Hold Representative Hearings for 5 JoongAng Group Affiliates, Including JTBC, Today

The court will hold representative hearings today (June 23) for five affiliates of JoongAng Group, including the general programming channel JTBC, which have filed for rehabilitation.
The Seoul Rehabilitation Court's 2nd Rehabilitation Division (Presiding Judge Jung Joon-young) is scheduled to hold hearings for the representatives of JoongAng Holdings, JoongAng P&I, JTBC, Megabox JoongAng, and Contentree JoongAng starting at 10:00 a.m.
The representatives of each company are expected to appear in court to explain the specific scale of their debts and plans for debt restructuring to the bench.
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, JoongAng Holdings, Contentree JoongAng, JoongAng P&I, and Megabox JoongAng filed for the commencement of rehabilitation procedures in succession.
JTBC also filed for rehabilitation on the 15th.
The court has assigned all the companies' applications to the 2nd Rehabilitation Division and has issued preservation orders and comprehensive injunctions to freeze their assets and claims.
On the 14th, JTBC submitted an application to the court to postpone the commencement of rehabilitation procedures and expressed its intention to participate in the Autonomous Restructuring Support (ARS) program.
ARS is a system in which the court postpones the commencement of compulsory rehabilitation procedures and supports companies and creditors in negotiating restructuring autonomously.
If the court approves the ARS program, it can postpone the commencement of the rehabilitation process.
(Photo: Courtesy of JoongAng Group, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.