JoongAng Group Vice Chairman Hong Jeong-do leaves the Seoul Bankruptcy Court in Seoul’s Seocho District, Tuesday, after attending hearings on rehabilitation filings by JoongAng Group affiliates. Joint Press Corps
The fate of JTBC and other JoongAng Group affiliates now lies with the court amid their worsening liquidity problems, while the normalization of the group’s core company, JoongAng Ilbo, depends on its creditors, according to industry officials and analysts Wednesday.
Five key affiliates, including broadcaster JTBC and holding company JoongAng Holdings, have recently filed for rehabilitation proceedings. Major newspaper JoongAng Ilbo has also formally applied for a workout with its lead creditor, Hana Bank, amid the group’s financial strain.
The Seoul Bankruptcy Court held hearings with the representatives of the five companies on Tuesday, marking the start of a full-scale review of their rehabilitation cases.
Executives who attended outlined the group’s debt exposure and proposed restructuring measures to the court.
