JTBC, Sale Announcement Posted Today (9th)... Preferred Negotiating Partner to be Selected in January Next Year

Sale of JTBC to begin in earnest after commencement of rehabilitation proceedings"We will establish a foundation for sustainable growth."As JTBC has officially begun its search for a new owner, it stated, "We will proceed with the sale transparently and fairly in accordance with relevant laws and rehabilitation court procedures." /JTBC[THE FACT|Reporter Choi Soo-bin] JTBC is entering into full-scale sale procedures.According to JTBC on the 9th, the sale manager EY Hanyoung Accounting Corp. announced through a sale notice, "The sale will be conducted through public competitive bidding by attracting external capital, such as through a capital increase by third-party allocation and the issuance of corporate bonds."Following the posting of the sale notice, the submission of letters of intent from potential buyers will begin. The period is four weeks from the date of the notice, and after the submission period ends, preliminary due diligence will be conducted. JTBC plans to select a preferred bidder in January of next year based on the principle of competitive bidding.JTBC stated, "We will proceed with the sale transparently and fairly in accordance with relevant laws and rehabilitation court procedures," adding, "We will create an opportunity to establish a foundation for sustainable growth through M&A (Mergers and Acquisitions) and strengthen the competitiveness of our content and channels."Previously, JTBC faced a default situation on June 12 when it failed to repay 20.6 billion won in securitized loans before their maturity. Subsequently, it underwent the Autonomous Restructuring Support (ARS) process to pursue voluntary debt restructuring with creditors but faced difficulties in negotiations. Consequently, the Seoul Rehabilitation Court decided to commence rehabilitation proceedings for JTBC on August 28.Having entered rehabilitation proceedings, JTBC appointed EY Hanyoung Accounting Corp. as its sale manager on October 14 and began preparations for the sale. Subsequently, on the 3rd of this month, it received approval from the Seoul Rehabilitation Court for the sale notice and the guide for submitting letters of intent, and with today's notice, it has begun a full-scale search for a buyer.subin7134@tf.co.kr[Entertainment Desk | ssent@tf.co.kr]