[Edaily Marketin, Reporter Kim Yeon-seo] The credit ratings of Megabox Joongang and Contentre Joongang have plummeted to ‘D’. On the 15th, Korea Ratings announced that it was downgrading the credit ratings of Megabox and Contentre Joongang’s commercial paper and electronic short-term bonds from ‘B+ (Negative)’ to ‘D’. A ‘D’ rating indicates a state of default.

Korea Ratings stated, “This downgrade follows the filing of an application with the Seoul Bankruptcy Court on June 14, 2026, to initiate corporate rehabilitation proceedings, along with applications for the preservation of company assets and a comprehensive injunction.”

According to the Financial Supervisory Service’s electronic disclosure system, Contentre Central submitted an application to the Seoul Bankruptcy Court on the 14th, following a board resolution, requesting the initiation of rehabilitation proceedings, preservation of assets, and a comprehensive injunction. The company cited “normalizing management and preserving value as a going concern” as the reason for the application.

In response to Contentree Central’s application to commence rehabilitation proceedings, the Korea Exchange suspended trading of its shares effective today. Whether rehabilitation proceedings will be initiated will be determined following a review by the court.

Megabox Joongang, a major subsidiary of Contentre Joongang, also filed for the commencement of rehabilitation proceedings with the Seoul Bankruptcy Court on the same day. Megabox Joongang is a major subsidiary of Contentre Joongang that operates movie theater businesses.