JTBC Default.. MegaBox and Contree Central Enter Corporate Rehabilitation Procedure

*This content was translated by AI.

As the liquidity crisis of the Jung Group spreads across its affiliated companies, following JTBC's default, Contree Central has entered the corporate rehabilitation procedure.

According to the Korea Exchange on the 15th, trading of Contree Central shares was suspended starting today. The trading suspension will remain in effect until the court decides whether to open the rehabilitation procedure.

According to the Financial Supervisory Service's electronic disclosure system, Contree Central and its subsidiary MegaBox Central filed an application for rehabilitation procedure, along with provisional disposition and a comprehensive prohibition order, with the Seoul Bankruptcy Court on the 14th.

Previously, on the 12th, JTBC declared a default (default) by failing to repay a total of 20.6 billion won in securitized loans at maturity.

Amid ongoing criticism that the Jung Group made excessive expenditures to secure broadcasting rights for the North, Central, and South America World Cup, the liquidity crisis of the Jung Group is increasingly spreading.

The broadcasting rights for the North, Central, and South America World Cup were contracted by Phoenix Sports, an affiliate of the Jung Group to which JTBC belongs. It is reported that Contree Central invested 125 million dollars (approximately 190 billion won) to secure these broadcasting rights.

Meanwhile, late on the 12th, JTBC issued an official statement regarding the default, stating, "We will do our utmost to mobilize all possible means, both domestically and internationally, to resolve this situation as quickly as possible with a responsible attitude," and added, "Broadcasting content production and airing, including news and major sports broadcasts, will continue to operate normally."

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*This content was translated by AI.