CCS Chungbuk Broadcasting, a cable broadcaster in the Chungbuk region and a KOSDAQ-listed company, is set to welcome a new owner as early as June 26.
KX Innovation, selected as the preferred bidder for CCS Chungbuk Broadcasting, announced on June 19 that it has completed negotiations with most creditors and is accelerating its management normalization efforts.
KX Innovation reported that it has reached agreements with creditors on over 90% of the principal amount of 9.7 billion won owed by the largest shareholder of CCS Chungbuk Broadcasting. The company plans to finalize all related procedures by June 22 and submit the necessary documents to the Korea Communications Commission and the Korea Exchange.
CCS Chungbuk Broadcasting will hold an extraordinary shareholders' meeting on June 26 to restructure its board of directors. The previous board resigned en masse, leaving the board vacant, and the formation of a new board is considered a key step in completing the public sale and resuming trading.
On June 10, CCS Chungbuk Broadcasting submitted a report on its improvement measures to the Korea Exchange. The exchange is scheduled to hold a KOSDAQ Market Committee meeting in early July to discuss whether to maintain the listing and the plan for resuming trading.
Previously, the KOSDAQ Market Committee of the Korea Exchange had postponed a decision on the delisting of CCS Chungbuk Broadcasting in November of last year, granting a six-month improvement period contingent on the implementation of a management improvement plan.
* This article has been translated by AI.
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