JTBC has responded to claims made by the Central Group bondholders' legal team.
On July 13, JTBC stated, "We would like to express our sincere apologies to bond investors for any concerns we have caused," regarding the assertions made during a press conference by the legal team.
The network explained its issuance of 40 billion won in new capital securities just before the financial closing, stating, "We appropriately disclosed our financial situation in accordance with corporate accounting standards and complied with capital market laws regarding the issuance of new capital securities and the execution of new capital loans."
JTBC also clarified its loan to Studio Aye Central, saying, "The 33 billion won loan to Studio Aye Central, a wholly-owned subsidiary producing JTBC's entertainment programs, was necessary for the production costs of these programs, amounting to 13 billion won."
Furthermore, it emphasized, "The remaining 20 billion won was converted into a loan for the asset-backed securities issued by Studio Aye Central through JTBC's debt guarantee, meaning that actual funds were not drained."
JTBC acknowledged its "heavy sense of responsibility" and added, "We will make every effort to protect investors' rights by maintaining open communication with them."
Previously, on June 12, JTBC declared a default after failing to repay 20.6 billion won in asset-backed borrowings. Following this, JTBC and other major affiliates of Central Group applied for rehabilitation procedures.
This situation has led to ongoing controversies, including delays in payments for major entertainment program fees and rebroadcasting fees.
On June 30, the Seoul Bankruptcy Court approved a self-restructuring program to support voluntary restructuring between JTBC and its creditors. The court also decided to initiate rehabilitation procedures for the remaining four affiliates.
On July 13, JTBC stated, "We would like to express our sincere apologies to bond investors for any concerns we have caused," regarding the assertions made during a press conference by the legal team.
The network explained its issuance of 40 billion won in new capital securities just before the financial closing, stating, "We appropriately disclosed our financial situation in accordance with corporate accounting standards and complied with capital market laws regarding the issuance of new capital securities and the execution of new capital loans."
JTBC also clarified its loan to Studio Aye Central, saying, "The 33 billion won loan to Studio Aye Central, a wholly-owned subsidiary producing JTBC's entertainment programs, was necessary for the production costs of these programs, amounting to 13 billion won."
Furthermore, it emphasized, "The remaining 20 billion won was converted into a loan for the asset-backed securities issued by Studio Aye Central through JTBC's debt guarantee, meaning that actual funds were not drained."
JTBC acknowledged its "heavy sense of responsibility" and added, "We will make every effort to protect investors' rights by maintaining open communication with them."
Previously, on June 12, JTBC declared a default after failing to repay 20.6 billion won in asset-backed borrowings. Following this, JTBC and other major affiliates of Central Group applied for rehabilitation procedures.
This situation has led to ongoing controversies, including delays in payments for major entertainment program fees and rebroadcasting fees.
On June 30, the Seoul Bankruptcy Court approved a self-restructuring program to support voluntary restructuring between JTBC and its creditors. The court also decided to initiate rehabilitation procedures for the remaining four affiliates.
* This article has been translated by AI.
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