JoongAng Ilbo begins workout amid liquidity crisis
JoongAng Ilbo begins workout, submits financial improvement plan amid liquidity crisis Check out JoongAng Ilbo's future response as it moves toward normalization with the consent of its creditors.
JoongAng Ilbo entered corporate restructuring, the socalled workout process, due to a liquidity crisis. Financial creditors, including Hana Bank, the lead creditor bank, agreed to begin the workout through the first consultative meeting and a written resolution on the 10th.
A workout can begin only when more than 75% of the financial creditors' claims agree, and as of 6 p.m. that day, approval exceeding 75% of the claims had been secured. JoongAng Ilbo had applied for a workout with Hana Bank on the 19th of last month.
JoongAng Ilbo stated that it would faithfully carry out its selfrescue plan and measures to normalize management, and said it would also cooperate with the accounting firm's due diligence and the formulation of future normalization plans. The company is said to have submitted a financial improvement plan to the creditor group, including cost cutting, real estate sales, and equity sales.