[Sportschosun reporter Jung Yoo-na] The court has extended by one month the deadline for suspending its decision on whether to begin JTBC's rehabilitation proceedings, pushing it back to next month 30.
The Rehabilitation Division 2 of the Seoul Bankruptcy Court, presided over by Judge Jung Joon-young, said on the 29th that it would extend the suspension period, which had been set to expire on the 30th of this month, until the 30th of next month so that restructuring talks between JTBC and its creditors can proceed smoothly.
Earlier, JTBC filed for rehabilitation proceedings with the court on the 15th of last month and requested that the Autonomous Restructuring Support Program be applied. The court accepted the request and granted a negotiation period before deciding whether to open rehabilitation proceedings.
Under the ARS process, the court may delay its decision on whether to begin rehabilitation proceedings for up to three months. If talks with creditors make progress, an additional extension is possible.
If JTBC reaches an agreement with creditors during the suspension period, it will withdraw its rehabilitation petition and move ahead with the restructuring plan it has prepared. If negotiations ultimately collapse, the court will decide whether to open rehabilitation proceedings.
Meanwhile, four affiliates of the JoongAng Group that filed for rehabilitation proceedings alongside JTBC — JoongAng Holdings, ContentreeJoongAng, Jungang P&I and Megabox Joongang — have already entered rehabilitation proceedings.
The court has informed those companies of the schedule for submitting a list of creditors and a rehabilitation plan.
The JoongAng Group's financial crisis intensified after JTBC failed to repay 20.6 billion won in asset-backed borrowing on the 12th of last month. JTBC declared a default, and two days later, on the 14th, JoongAng Holdings, ContentreeJoongAng, Jungang P&I and Megabox Joongang filed for rehabilitation proceedings. JTBC then filed its own petition with the court on the 15th.
jyn2011@sportschosun.com
This article has been translated by GripLabs Mingo AI.
