Contentree Central recorded a lower limit on the first day of trading after the court's decision to initiate bankruptcy proceedings. This decline is attributed to a sharp drop in investor sentiment as the restructuring process begins.
According to the Korea Exchange, as of 2:04 PM, Contentree Central's stock was trading at 3,500 won, down 1,495 won (29.93%) from the previous trading day. The stock faced heavy selling pressure from the start of the session, hitting the price limit and continuing its downward trend.
Trading for Contentree Central had been suspended since mid-June. The Korea Exchange designated the company as a management issue on June 16, halting its stock trading. Following the court's decision to initiate bankruptcy proceedings, trading resumed on this day.
On June 30, the Seoul Bankruptcy Court's Second Division, presided over by Judge Jeong Jun-young, decided to initiate bankruptcy proceedings for Contentree Central and three other affiliates of the Central Group: Central Holdings, Megabox Central, and Central P&I.
The restructuring process is set to proceed through negotiations with creditors and stakeholders until the end of the year. The court has notified each company of deadlines for submitting creditor lists, filing and investigating claims, submitting investigation reports, and holding meetings with stakeholders.
According to the schedule, each company will submit creditor lists and claims in July and August, followed by claims investigations in September. Reports from the investigation committee will be submitted in October and November, along with stakeholder meetings. Subsequently, a restructuring plan will be prepared and submitted to the court.
Contentree Central plans to submit its restructuring plan by December 15.
* This article has been translated by AI.
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