JoongAng Ilbo officially applies for a workout

JoongAng Ilbo, which is facing a liquidity crisis, officially applied for a workout at Hana Bank's Seodaemun branch on the 19th. If the workout is accepted, a council consisting of creditor financial institutions will review the possibility of normalization and debt recovery measures. JoongAng Ilbo stated that it would work with Hana Bank, its main creditor bank, to devise effective debt restructuring and management normalization measures. At the same time, it said that fair and consistent adjustments are needed for all creditors, and that it is difficult to accept demands for early repayment before maturity from specific creditors. Earlier, JoongAng Ilbo objected that it was unfair when HanYang Securities requested early repayment of 22 billion won worth of corporate commercial paper it held. The JoongAng Group is currently dealing with liquidity issues, and five companies, including JTBC and its holding company JoongAng Holdings, have applied to the court to begin rehabilitation proceedings.