![\"A](\"https:\/\/www.europesays.com\/korea\/wp-content\/uploads\/2026\/06\/news-p.v1.20260506.031463c53bda4594ad54757058efd6e5_P1.jpg\"\/ "\\"Court")
A view of the Seoul Court Complex in Seocho-gu, Seoul, seen from the courthouse clock tower. Reporter Seong Hyeong-ju<\/p>\nA view of the Seoul Court Complex in Seocho-gu, Seoul, seen from the courthouse clock tower. Reporter Seong Hyeong-ju<\/p>\n
A court has frozen the assets and claims of five companies in JoongAng Group that filed for corporate rehabilitation, including holding company JoongAng Holdings and comprehensive programming channel JTBC.<\/p>\n
According to legal circles Tuesday, the Seoul Rehabilitation Court’s Rehabilitation Division 2 (presided over by Chief Judge Jung Joon-young) issued preservation orders and comprehensive prohibition orders the previous day against JoongAng Holdings, JTBC, Contentree JoongAng (036420), Megabox JoongAng, and JoongAng P&I.<\/p>\n
A preservation order prevents a company from disposing of assets to make preferential repayments to specific creditors before a decision is made to commence rehabilitation proceedings. A comprehensive prohibition order, conversely, freezes claims to prevent creditors from securing a company’s major assets through compulsory execution, provisional seizure, or auction before rehabilitation begins. The Seoul Rehabilitation Court said, “Until a decision is made on the application to commence rehabilitation proceedings in this case, compulsory execution, provisional seizure, provisional disposition, or auction procedures for the enforcement of security rights based on rehabilitation claims or rehabilitation security rights are prohibited against all rehabilitation creditors and rehabilitation secured creditors.”<\/p>\n
The JoongAng Ilbo has decided to pursue a workout (corporate financial restructuring).<\/p>\n
JTBC declared default on the 12th of this month after failing to repay a total of 20.6 billion won in securitized borrowings at maturity. JTBC explained that this was the result of a sharp contraction in the TV broadcast advertising market amid a rapidly changing media environment centered on digital and over-the-top (OTT) services.<\/p>\n
JoongAng Holdings, Contentree JoongAng, JoongAng P&I, and Megabox JoongAng filed to commence rehabilitation proceedings the previous day. JTBC also filed for rehabilitation on the same day. JoongAng Group Vice Chairman Hong Jung-do held a press conference and said, “We have done our best for management stability, but for various reasons including a cash crunch caused by worsening external economic conditions and a credit rating downgrade, we have been forced to make today’s unavoidable choice.”<\/p>\n
The rehabilitation court assigned each company’s case to Rehabilitation Division 2 so that a single panel could hear them collectively.<\/p>\n
The panel is expected to soon set a date for questioning the representatives. The Debtor Rehabilitation and Bankruptcy Act stipulates that when a rehabilitation filing is received, the court must question the debtor or its representative.<\/p>\n","protected":false},"excerpt":{"rendered":"A view of the Seoul Court Complex in Seocho-gu, Seoul, seen from the courthouse clock tower. Reporter Seong…\n","protected":false},"author":2,"featured_media":54006,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[30795,9529,30797,30793,30794,11366,30796,127,223,13180],"class_list":["post-54005","post","type-post","status-publish","format-standard","has-post-thumbnail","category-samsung","tag-contentree-joongang","tag-corporate-rehabilitation","tag-default","tag-joongang-group","tag-joongang-holdings","tag-jtbc","tag-megabox-joongang","tag-samsung","tag-samsung-group","tag-seoul-rehabilitation-court"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/54005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=54005"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/54005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/54006"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=54005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=54005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=54005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}