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JoongAng Ilbo Seeks Creditor Workout While Five Affiliates File for Court Rehabilitation
The newspaper filed with Hana Bank after failing to repay 22 billion won in commercial paper. Five group affiliates sought court rehabilitation over the weekend.
Jun 19, 5:22 AM·1m read1 source
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JoongAng Ilbo Co. 38 million) in commercial paper. The company said it will continue consultations with creditor banks and prepare debt restructuring and business normalization measures.
It reiterated its opposition to the repayment demand from Hanyang Securities Co. and stated that restructuring should proceed in a fair and consistent manner for all creditors. Over the weekend, five JoongAng Group affiliates, including broadcaster JTBC and holding company JoongAng Holdings, filed for court-led rehabilitation proceedings amid liquidity problems across the parent group.
The headquarters buildings of JoongAng Ilbo and JTBC are located in Seoul.
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