[Official] JTBC to Begin Sale Process [Full Text]

*This content was translated by AI.View Original

JTBC is officially launching the sale process for management normalization in line with the court's decision to open bankruptcy proceedings.

The Seoul Bankruptcy Court's Bankruptcy Division 2 (Presiding Judge Jung Jun-young, Judge Hong Joon-seo) decided on the morning of the 28th at 10 a.m. to open bankruptcy proceedings against JTBC.

In response, JTBC stated on this day, "The Seoul Bankruptcy Court has decided to open bankruptcy proceedings against JTBC today." It further explained, "We applied for corporate restructuring with the court in June and went through the first step, the ARS (Autonomous Restructuring Support) program for creditor group negotiations. After multiple rounds of negotiations, we determined that opening bankruptcy proceedings would be more effective from the perspective of protecting creditors' rights. Therefore, we did not apply for an additional extension of the ARS program, and the decision to open bankruptcy proceedings was made."

JTBC added, "Going forward, JTBC will diligently comply with the legal bankruptcy proceedings. In addition, both management and all employees will do their utmost to normalize operations through a prompt sale."

JTBC must submit a list of creditors by October 8, while the investigating committee (Hanyoung Accounting Firm) is required to submit an investigation report by December 8.

Following a hearing with interested parties, a restructuring plan must be submitted by January 29 next year.

JTBC is officially launching the sale process for management normalization in line with the court's decision to open bankruptcy proceedings.

The Seoul Bankruptcy Court has decided today to open bankruptcy proceedings against JTBC.

JTBC applied for corporate restructuring with the court in June and went through the first step, the ARS (Autonomous Restructuring Support) program for creditor group negotiations.

After multiple rounds of negotiations, we determined that opening bankruptcy proceedings would be more effective from the perspective of protecting creditors' rights. Therefore, we did not apply for an additional extension of the ARS program, and the decision to open bankruptcy proceedings was made.

Going forward, JTBC will diligently comply with the legal bankruptcy proceedings. In addition, both management and all employees will do their utmost to normalize operations through a prompt sale.

Thank you.

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*This content was translated by AI.View Original