JoongAng Ilbo, Workout Initiation Decided... More Than 75% of Creditors Agree
JoongAng Ilbo workout, corporate restructuring work begins in earnest amid liquidity crisis Commencement with 75% approval from creditor group... Check the outlook for future management normalization
JoongAng Ilbo, which has been facing a liquidity crisis, began a corporate restructuring program, known as a workout, on the 10th.
According to the financial sector, financial creditors including Hana Bank, the lead creditor bank, agreed to the launch of JoongAng Ilbo's workout through a written resolution at the first meeting that day. A workout can begin only with the consent of creditors holding more than threefourths of the total financial claims, and as of 6 p.m. that day, more than 75% of the claims were tallied as in favor.
JoongAng Ilbo had applied to Hana Bank for a workout on the 19th of last month after its credit rating fell and its financial situation worsened due to the management crisis at the JoongAng Group.