The CEO of JTBC will be summoned by the court on June 23 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 at 2 p.m. on June 23 to confirm the scale of debts.
The hearings for Central Holdings, Contentree Central, Megabox Central, and Central P&I, which are also entering the rehabilitation process alongside JTBC, will take place at 10 a.m. on the same day.
The court plans to question the representatives of each company regarding their specific debt amounts and proposed debt restructuring plans.
Under the Debtor Rehabilitation Act, the court must question the debtor or their representative once a rehabilitation application is filed.
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 rehabilitation proceedings. JTBC followed suit on June 15.
The court has combined the applications from 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 rehabilitation proceedings and expressed its intention to seek the Autonomous Restructuring Support (ARS) program.
The ARS program allows the court to postpone the initiation of compulsory rehabilitation proceedings, enabling companies and creditors to negotiate restructuring voluntarily.
If the court approves the ARS program, the initiation of rehabilitation proceedings can be postponed for up to three months. If negotiations progress, the postponement period may be extended further.
* This article has been translated by AI.
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