[Anchor]

A representative hearing was held today (June 23) for JTBC and five other affiliates of the JoongAng Group holding company, which filed for rehabilitation proceedings with the court after failing to repay 20.6 billion won in debt on time. Discussions were also held regarding the potential cancellation of broadcasting rights contracts for the World Cup and Olympics through 2032, and Hong Jeong-do, Vice Chairman of JoongAng Group, stated that he would faithfully follow the court's decision.

Reporter Kim Deok-hyeon has the story.

[Reporter]

Vice Chairman Hong Jeong-do of JoongAng Group exits the courthouse with a stern expression.

Hong, who appeared in court this morning while avoiding the press, underwent questioning for approximately two hours and 20 minutes in his capacity as the representative of the group's holding company.

[Hong Jeong-do/Vice Chairman, JoongAng Group: (Do you see any possibility of liquidation rather than rehabilitation?) I will faithfully follow the court's judgment.]

The court reviewed the company's specific financial status, including its assets and liabilities, as well as its funding plans. It is reported that discussions also took place regarding the cancellation of broadcasting rights contracts for the World Cup and Olympics, valued at over 700 billion won, which run through 2032.

Following the hearing, JoongAng Group stated that the broadcasting rights issue is the most critical matter and that they intend to negotiate the contract termination.

This is interpreted as an effort to coordinate with the IOC and FIFA to prevent them from terminating the contracts due to the rehabilitation proceedings.

It was understood that there was no mention of the owner family, including Vice Chairman Hong, contributing their personal assets.

JTBC representatives who appeared for the afternoon session also maintained a principled stance.

[Jeon Jin-bae/CEO, JTBC: We will explain the current management situation facing JTBC to the court in detail.]

JTBC previously requested that the court hold off on commencing rehabilitation proceedings and instead applied for an Autonomous Restructuring Support (ARS) program, asking for a three-month grace period.

This is a move to "buy time" before compulsory procedures begin. If the court accepts this, a creditors' council will be formed to begin restructuring discussions; however, if negotiations fail, the company will have to proceed with the rehabilitation process.

Decisions on whether to commence rehabilitation proceedings for the remaining companies are expected by early next month at the latest.

(Video reporting: Yang Hyun-chul, Video editing: Ahn Yeo-jin, Design: Park Tae-young)