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An insolvency specialist lawyer expressed his views on why, among the five Central Group companies that filed for corporate rehabilitation, only JTBC jointly applied for the voluntary restructuring support (ARS) program.
Lawyer Lee Min-gyu (CEO) of Hansu Law Firm (insolvency specialist) said on the 1st, “The unique characteristic of the broadcasting industry explains why only JTBC chose ARS among the five companies.” He added, “When broadcasting stops, brand and business value evaporate instantly. With JTBC facing a re-licensing review, it is more beneficial to buy time to negotiate terms with the creditor group rather than risk being shaken by a forced opening. ARS also serves as a strategic…