[Full Text] Has the liquidity crisis been overcome? JTBC speaks out: "Returning to normal broadcasting production"

*This content was translated by AI.

JTBC announced that it will strive to restore normal management in response to the bankruptcy court's decision to extend the ARS (Autonomous Restructuring Program).

On the 30th, through an official statement, JTBC said, "The bankruptcy court decided yesterday to extend the autonomous restructuring program ARS procedure for JTBC. In this regard, we sincerely apologize to all creditors who wish for a prompt resolution."

JTBC explained, "As the investigation report from the accounting firm designated by the court has not yet been released, discussions on the plan have not yet reached a concrete stage. Once the investigation report scheduled for submission in August is released, we will do our utmost to protect creditors' rights based on its contents."

It further stated, "Since the ARS procedure began, JTBC has communicated with the Creditors' Council multiple times under court mediation or individually, listening to various opinions. In this process, we are also paying attention to the voices conveyed by individual creditors through various channels. Currently, JTBC has reached a stage of fully normalizing program production and broadcasting, which were somewhat unstable. We will continue with normal broadcasting and management activities. To this end, we are aggressively reducing unnecessary costs and focusing on content production."

Previously, the liquidity crisis of JoongAng Group began when JTBC failed to repay 20.6 billion won in securitized loans. Subsequently, JoongAng Holdings and other affiliated companies and JTBC filed for bankruptcy proceedings with the court.

Following this, JTBC's application for an autonomous restructuring support (ARS) program was accepted, delaying the decision on whether to initiate bankruptcy proceedings for one month.

The bankruptcy court decided yesterday to extend the autonomous restructuring program ARS procedure for JTBC.

In this regard, we sincerely apologize to all creditors who wish for a prompt resolution.

As the investigation report from the accounting firm designated by the court has not yet been released, discussions on the plan have not yet reached a concrete stage.

Once the investigation report scheduled for submission in August is released, we will do our utmost to protect creditors' rights based on its contents.

Since the ARS procedure began, JTBC has communicated with the Creditors' Council multiple times under court mediation or individually, listening to various opinions. In this process, we are also paying attention to the voices conveyed by individual creditors through various channels.

Currently, JTBC has reached a stage of fully normalizing program production and broadcasting, which were somewhat unstable.

JTBC will continue with normal broadcasting and management activities. To this end, we are aggressively reducing unnecessary costs and focusing on content production.

This is to keep our promise to viewers and, at the same time, fulfill our responsibility to creditors through rapid management normalization achieved by securing revenue.

We will provide transparent updates on future progress to the extent possible without hindering court procedures or negotiation processes.

Once again, we deeply apologize for causing concern to all creditors.

Thank you.

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*This content was translated by AI.