Koreaboo
17 minutes ago
JTBC has announced its inability to repay some bonds.
On the 12th, NICE Credit Rating downgraded JTBC’s credit rating from “BBB0” to “CCC.” According to NICE Credit Rating’s system, “CCC” implies a very speculative status with a high likelihood of default.
On the same day, Korea Corporate Rating also downgraded JTBC’s corporate bond credit rating from “BBB0, Negative” to “BB.”
JTBC reportedly failed to repay approximately ₩20.0 billion KRW (about $13.1 million USD) in securitized loans.
Amid this, JTBC released a statement late at night titled “JTBC’s Position on Its Management Situation.”
According to the statement, JTBC has mobilized every possible means to overcome its liquidity crisis and has already entered an emergency management mode to improve operational efficiency. However, as the media environment rapidly changes centered on digital and OTT platforms, the TV advertising market has significantly shrunk, worsening external conditions and resulting in the inability to pay certain bonds on this day.
JTBC said, “With a responsible attitude, we will make every effort to resolve this situation as quickly as possible by employing all available measures internally and externally. Production and broadcasting of news, major sports coverage, and other broadcast content will continue to operate normally.”