The CEO of JTBC will appear in court as part of the restructuring process for five companies within the Central Group.
According to legal sources on June 17, the Seoul Bankruptcy Court's Rehabilitation Division 2, led by Judge Jeong Jun-young, will hold a hearing on June 23 at 2 p.m. to confirm the debt size and other details related to JTBC's bankruptcy case.
The hearing for the other companies involved in the restructuring—Central Holdings, Contentree Central, Megabox Central, and Central P&I—will take place simultaneously at 10 a.m. on the same day.
The court plans to question the executives of each company regarding their specific debt amounts and proposed debt restructuring plans.
Under the debtor rehabilitation law, once a bankruptcy filing is submitted, the court must question the debtor or their representative.
On June 12, JTBC declared a default after failing to repay a total of 20.6 billion won in liquidity loans.
Two days later, on June 14, Central Holdings, Contentree Central, Central P&I, and Megabox Central filed for bankruptcy proceedings. JTBC followed suit on June 15.
The bankruptcy court has consolidated the cases of these five companies and assigned them to Rehabilitation Division 2.
On June 15, the court issued a preservation order freezing the assets and claims of all five companies.
Prior to this, on June 14, JTBC submitted a request to suspend the initiation of bankruptcy proceedings and expressed its intention to seek the Autonomous Restructuring Support (ARS) program.
The ARS program allows the court to postpone the initiation of mandatory bankruptcy proceedings and supports negotiations between companies and creditors for voluntary restructuring.
If the court approves the ARS program, the initiation of bankruptcy proceedings can be delayed for up to three months, with the possibility of extending the delay if negotiations progress.
* This article has been translated by AI.
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