JoongAng Group Vice Chairman Hong Jeong-do bows in apology during a news conference at the JoongAng Ilbo building in Seoul on Monday after JTBC and other group affiliates filed for court-led rehabilitation amid a liquidity crisis. Photo by Yonhap News Agency
June 15 (Asia Today) -- South Korean broadcaster JTBC and four other companies affiliated with JoongAng Group filed for court-led rehabilitation Monday, two days after the television network defaulted on 20.6 billion won, or about $13.6 million, in debt.
The applications could lead to restructuring, asset sales and efforts to attract new investment if the court approves the rehabilitation proceedings.
The five applicants are JTBC, Contentree JoongAng, Megabox JoongAng, JoongAng Holdings and JoongAng P&I.
JoongAng Group Vice Chairman Hong Jeong-do apologized during a news conference at the JoongAng Ilbo building in western Seoul.
