Court to Question Representatives of 5 JoongAng Group Companies Seeking Rehabilitation on June 23

The court will summon representatives of the general programming channel JTBC, which has filed for corporate rehabilitation, on the 23rd to verify the scale of its debt and other details.

According to legal sources on Wednesday (June 17), the 2nd Rehabilitation Division of the Seoul Rehabilitation Court (Chief Judge Jung Joon-young) has scheduled the representative interrogation hearing for JTBC's rehabilitation case at 2:00 PM on the 23rd.

The representative interrogation hearings for JoongAng Holdings, Contentree JoongAng, Megabox JoongAng, and JoongAng P&I, which have also entered rehabilitation proceedings, will be held consecutively starting at 10:00 AM on the same day.

It is expected that the court will question the representatives of each company regarding the specific scale of their debts and plans for debt restructuring.

Under the Debtor Rehabilitation and Bankruptcy Act, once an application for the commencement of rehabilitation proceedings is filed, the court must interrogate the debtor or its representative.

JTBC declared a default on the 12th 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 the commencement of rehabilitation proceedings.

JTBC also filed for rehabilitation on the 15th.

The rehabilitation court has assigned all of the companies' applications to the 2nd Rehabilitation Division.

Previously, on the 15th, the court issued preservation orders and comprehensive injunctions to freeze the assets and claims of these five companies.

On the 14th, JTBC submitted an application to the court to postpone the commencement of rehabilitation proceedings, expressing its intent to pursue the Autonomous Restructuring Support (ARS) program.

The ARS program is a system in which the court postpones the commencement of compulsory rehabilitation proceedings to support companies and creditors in negotiating restructuring autonomously.

If the court approves the ARS program, the commencement of rehabilitation proceedings can be postponed for up to three months.

If there is progress in negotiations, the postponement period can be further extended.
※ Please note: This article was translated by AI and may contain errors.