When does JTBC have to submit its rehabilitation plan?

JTBC must submit its rehabilitation plan by Jan. 29 next year. The court’s approval means the broadcaster will now move forward under court-supervised restructuring.

What did JTBC say after the court approved rehabilitation proceedings?

JTBC said it would faithfully comply with the rehabilitation process. The company added that beginning rehabilitation was deemed more effective for protecting creditor rights and that management and employees would strive to normalize business through a swift sale.

Court allows cash-strapped JTBC to begin rehabilitation process

Q: Why did the Seoul Bankruptcy Court approve JTBC’s rehabilitation proceedings?

The court cited JTBC’s troubles in a shrinking TV advertising market, the move of viewers to digital platforms and over-the-top streaming services like Netflix, massive Olympic broadcasting rights fees, and the broader liquidity crisis in JoongAng Group.

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Summary

The Seoul Bankruptcy Court on Friday approved JTBC’s request to begin rehabilitation proceedings, letting the broadcaster restructure its debts under court supervision. JTBC filed on June 15 after failing to repay 20.6 billion won in asset-backed loans at maturity. The court cited the TV advertising slump, the shift to digital and streaming platforms, Olympic broadcasting fees and JoongAng Group’s liquidity crisis. JTBC must submit its rehabilitation plan by Jan. 29 next year.

Key Facts

JTBC filed for rehabilitation on June 15, three days after failing to repay 20.6 billion won in asset-backed loans at maturity.
The Seoul Bankruptcy Court ordered rehabilitation proceedings to begin for four other JoongAng Group units: JoongAng Holdings, ContentreeJoongAng, JoongAng P&I and Megabox JoongAng.
JTBC said it would faithfully comply with the rehabilitation proceedings and work to normalize business through a swift sale.

By Yonhap

Published Aug 28, 2026 11:58 am KST

The Seoul Bankruptcy Court on Friday approved troubled local broadcaster JTBC's request to begin rehabilitation proceedings, allowing it to restructure its debts under court supervision.

JTBC, an affiliate of media giant JoongAng Group, filed for rehabilitation on June 15, three days after failing to repay 20.6 billion won ($14.9 million) in asset-backed loans at maturity.

The broadcaster has struggled with a major contraction in the TV advertising market, fueled by rapid shifts in the media landscape toward digital platforms and over-the-top streaming services like Netflix.

The court cited other factors, such as massive fees for Olympic broadcasting rights secured by the broadcaster and the broader liquidity crisis in the JoongAng Group, in its decision.

Under the court move, JTBC must submit its rehabilitation plan by Jan. 29 next year.

The court has already ordered rehabilitation proceedings to begin for four other JoongAng Group units — JoongAng Holdings, ContentreeJoongAng, JoongAng P&I and Megabox JoongAng.

In a statement, JTBC pledged to faithfully comply with the rehabilitation proceedings.

"Following numerous consultations, beginning the rehabilitation process was deemed more effective even for the sake of protecting creditor rights," the company said.

"Going forward, JTBC will do its best to faithfully comply with the rehabilitation process. The management and all employees will strive to normalize business through a swift sale," it added.

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