Major newspaper JoongAng Ilbo Co. said Friday it had formally applied for a creditor-led debt workout program amid liquidity problems across its parent group.The company said it had officially filed for a debt restructuring program with its main creditor bank, Hana Bank, after failing to honor a request for the early repayment of 22 billion won ($14.38 million) worth of commercial paper."We will continue consultations with creditor banks, and faithfully prepare effective debt restructuring and business normalization measures," the company said.Amid worsening liquidity problems at JoongAng Group, the parent group of JoongAng Ilbo, five group affiliates, including broadcaster JTBC and holding company JoongAng Holdings, filed for court-led rehabilitation proceedings over the weekend.JoongAng Ilbo reiterated its opposition to the early repayment request by Hanyang Securities Co., saying debt restructuring should be carried out "in a fair and consistent manner for all creditors" as the workout process gets under way. (Yonhap)