The Seoul Bankruptcy Court in Seoul. Photo by Asia Today
June 30 (Asia Today) -- A South Korean court approved JTBC's request to negotiate a voluntary restructuring agreement with creditors while postponing a decision on whether to begin formal rehabilitation proceedings.
The Seoul Bankruptcy Court also opened rehabilitation proceedings Tuesday for four other JoongAng Group companies: MegaboxJoongAng, Contentree JoongAng, JoongAng Holdings and JoongAng P&I. The companies are part of a South Korean media group whose businesses include broadcasting, newspapers, content production and movie theaters.
The court's Rehabilitation Division 2, led by Presiding Judge Jung Joon-young, said it would defer its decision on JTBC's rehabilitation case until July 30 after hearing the broadcaster's proposed restructuring measures and future plans.
JTBC will proceed under the Autonomous Restructuring Support program, which allows a company and its creditors to negotiate debt adjustments before the court opens compulsory rehabilitation proceedings.
