Lee & Ko is counselling South Korean media giant JoongAng Group on a court-led corporate rehabilitation.
JoongAng Holdings, the parent company of the JoongAng Group, along with affiliates ContentreeJoongAng, JoongAng P&I, and Megabox JoongAng, filed applications to commence court-led corporate rehabilitation proceedings on 14 June 2026.
JTBC, a nationwide pay television network and another group affiliate, also filed for corporate rehabilitation on 15 June, three days after defaulting on KRW20.6 billion (USD13.6 million) in debt.
Lee & Ko partners Wanshik Lee, Jung Hyun Lee, and Seok Pyo Hong are advising the JoongAng Group, with additional input from associates Ganggyun Kim and Soohyun Cho.
The Seoul Bankruptcy Court plans to hold a representative interrogation session on 23 June 2026 as part of its review process to decide on the commencement of rehabilitation proceedings for the JoongAng Group.
In consolidated financial statements as of 31 December 2025, JoongAng Holdings reported total liabilities of KRW1.503 trillion and a debt-to-equity ratio of 4,564.7%.
