[Full text] 'Default' JTBC Seoul Marathon in crisis? "Normal holding, no funding issues"

*This content was translated by AI.

JTBC Seoul Marathon's operating company directly addressed concerns raised by some following the declaration of default by its parent company, Jungang Group, due to a liquidity crisis.

Runnerble, which operates the JTBC Seoul Marathon, issued an official statement on the 16th, saying, "We are well aware that there are voices of concern and worry that the operation of the event we are organizing may face disruptions due to recent news reports related to Jungang Group." It further emphasized, "To state the conclusion first, all events and businesses conducted by Runnerble are being operated normally without any disruptions, and will continue to proceed steadily in the future."

It continued, "Although Runnerble belongs to the Jungang Group, it is an independent legal entity that is operationally separate from affiliated companies and other organizations that have filed for court receivership." It explained, "We are recording a stable operating profit and maintaining a sound financial status without risks in terms of fund liquidity."

Runnerble stated, "All events currently being prepared and conducted by Runnerble, including the JTBC Seoul Marathon, will be held exactly as originally planned in terms of schedule and scale, with no margin of error." It added, "There is no need to worry at all about a decline in the quality of events due to financial deterioration. On the contrary, all employees are working on the ground to make full preparations to provide participants with the best race experience."

In addition, Runnerble added, "Since its establishment, we have transparently and thoroughly complied with all contracts and settlement processes, and there will be no issues related to payment in the future."

Previously, JTBC declared a default (default) after failing to repay a securitized loan totaling 20.6 billion won at maturity. JTBC stated, "We will do our utmost to resolve this situation as quickly as possible by mobilizing all possible means internally and externally with a responsible attitude," and added, "Broadcast content production and airing, including news and major sports broadcasting, will all be operated normally."

In this regard, on the 12th, NICE Credit Rating downgraded JTBC's credit rating from 'BBB0' to 'CCC'. According to NICE Credit Rating's credit rating system, 'CCC' implies a high risk of default and carries a very speculative meaning. It is reported that JTBC failed to repay a securitized loan of about 20 billion won due by that day on time. Korea Credit Rating also announced that it downgraded JTBC's corporate bond credit rating from 'BBB0, negative' to 'BB'.

The broadcasting rights for the 2026 North American World Cup were contracted by Phoenix Sports, a Jungang Group affiliate to which JTBC belongs, with the International Federation of Association Football (FIFA). Contentree Jungang is reported to have invested 125 million dollars (approximately 190 billion won) to secure these broadcasting rights.

Subsequently, according to the Financial Supervisory Service's electronic disclosure system, Contentree Jungang and its subsidiary Megabox Jungang filed for reorganization proceedings along with preservation orders and a comprehensive prohibition order at the Seoul Bankruptcy Court on the 14th.

[Notice] Guidance on Runnerble event operations and financial soundness

Hello to all the runners who cherish and love Runnerble, and to all partner company representatives.

We are well aware that there are voices of concern and worry that the operation of the events we are organizing may face disruptions due to recent news reports related to Jungang Group.

Therefore, Runnerble would like to alleviate your anxiety and clearly state our position based on accurate facts.

To state the conclusion first, we promise that all events and businesses conducted by Runnerble are being operated normally without any disruptions, and will continue to proceed steadily in the future.

1. Independent management and financial soundness

Although Runnerble belongs to the Jungang Group, it is an independent legal entity that is operationally separate from affiliated companies and other organizations that have filed for court receivership. Currently, we are recording a stable operating profit and maintaining a sound financial status without risks in terms of fund liquidity.

2. Uninterrupted holding and quality improvement of all scheduled events

All events currently being prepared and conducted by Runnerble, including the JTBC Seoul Marathon, will be held exactly as originally planned in terms of schedule and scale, with no margin of error. There is no need to worry at all about a decline in the quality of events due to financial deterioration. On the contrary, all employees are working on the ground to make full preparations to provide participants with the best race experience.

3. Zero issues regarding payment and contract fulfillment

We clearly state that since our establishment, we have transparently and thoroughly complied with all contracts and settlement processes, and there will be no issues related to payment in the future.

Runnerble has always grown based on the passion of runners and the trust of partner companies.

We will not be shaken by baseless speculative concerns and will focus solely on creating the best running ecosystem for Korean runners.

We will prove this with even more perfect and safe operations at the event sites to come. Please trust and watch over us.

Thank you.

All employees of Runnerble

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*This content was translated by AI.