![Hong Jeong-do, Vice Chairman of JoongAng Group, bows in apology during a press conference on June 15 at the JoongAng Ilbo building in Mapo, Seoul, regarding the rehabilitation procedures for some subsidiaries, including JTBC, due to liquidity issues. [Photo=Yonhap News]](https://image.ajunews.com/content/image/2026/06/15/20260615161506653565.jpg)
Hong Jeong-do, Vice Chairman of JoongAng Group, expressed regret over the filing for corporate rehabilitation of its subsidiaries and pledged to focus on stabilizing management.
On June 15, Hong stated at a press conference held at the JoongAng Ilbo building in Mapo, Seoul, that "some subsidiaries of JoongAng Holdings have entered court rehabilitation procedures," adding, "I apologize for causing such concerns."
He explained, "Despite our best efforts to stabilize the company, we were forced to make this choice due to worsening external economic conditions, declining credit ratings, and liquidity constraints," and extended his sincere apologies to stakeholders, including JTBC, Megabox, and Contentree.
Hong emphasized that "recovering from this situation is our top priority" and assured that he would do everything possible to achieve it.
He also addressed employees, acknowledging that the situation has caused significant shock and anxiety. He stated, "I understand that this incident has greatly unsettled our employees, and we will explore all necessary means for a swift normalization." He added that efforts would be made to ensure job security.
Regarding the ongoing coverage of the North and Central America World Cup, he affirmed the company's commitment to continue operations without interruption. "We will ensure that our core business, including the World Cup coverage, runs smoothly," he stressed.
Hong concluded by stating, "We will turn today's rehabilitation filing into a new beginning to preserve our national asset of broadcasting and to provide stability for all employees. I will fulfill my responsibilities to the end."
* This article has been translated by AI.
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