[Edaily Starin Gim Ga Yeong Reporter] JTBC has stated its position regarding the court’s decision to postpone a ruling on whether to initiate rehabilitation proceedings.

On the 30th, a JTBC spokesperson commented on the rehabilitation court’s decision on the 29th to extend the procedures for JTBC’s Voluntary Restructuring (ARS) program, stating, “Since the investigation report from the court-appointed accounting firm has not yet been released, discussions regarding the plan have not reached a concrete stage.” The spokesperson added, “Once the investigation report, scheduled for submission in August, is released, we will do our utmost to protect the rights and interests of creditors based on its contents.”
Furthermore, they emphasized, “Since the ARS process began, JTBC has been communicating with the creditors’ committee on multiple occasions—both under the court’s mediation and individually—to hear a variety of opinions,” adding, “Throughout this process, we are also paying close attention to the feedback individual creditors have been conveying to us through various channels.”
JTBC explained, “We have reached the stage where we have fully normalized program production and broadcasting, which had been somewhat unstable,” adding, “JTBC will continue its normal broadcasting and business operations. To this end, we are boldly cutting unnecessary costs and devoting ourselves to content production.”
They added that this is intended to fulfill their promise to viewers and, at the same time, to fulfill their responsibility to creditors by quickly normalizing operations through securing revenue.
JTBC stated, “We will provide updates on future developments as transparently as possible, to the extent that it does not interfere with court proceedings or consultation processes,” and added, “We once again deeply apologize to our creditors for causing them concern.”
The Seoul Bankruptcy Court’s Division 2 (Presiding Judge Jeong Jun-young) announced that it has decided to extend the suspension period for its decision on whether to commence reorganization proceedings, pushing back the original deadline of July 30 to August 30. The court explained, “It is necessary to extend the decision on whether to commence reorganization proceedings in order to support negotiations between creditors and the debtor regarding restructuring.”
If a voluntary restructuring agreement is reached with major creditors within this period, JTBC will withdraw its application to commence rehabilitation proceedings and settle its debts in accordance with the agreement. Conversely, if negotiations fail, the court will make a final determination on whether to commence rehabilitation proceedings.
Reorganization proceedings have already been initiated for other Joongang Group affiliates, including Megabox Joongang, Joongang P&I, Joongang Holdings, and Contentre Joongang.