JTBC Files for Court Receivership; Court to Review 'Viability'

JTBC and other affiliates of JoongAng Group, along with the holding company, have filed for court receivership amid a liquidity crisis, and the case has been assigned to the court presided over by the Chief Judge of the Seoul Bankruptcy Court.

The court plans to schedule a hearing for the company's representative soon to assess the feasibility of rehabilitation.

JTBC failed to repay 20.6 billion won in debt on June 12, and domestic credit rating agencies downgraded the company's credit rating immediately following the default.

Hong Jeong-do, Vice Chairman of JoongAng Group, held an emergency press conference this afternoon (June 15) to apologize for the liquidity crisis that has materialized across the group.
※ Please note: This article was translated by AI and may contain errors.