JoongAng Ilbo, which is pursuing a workout, said it would be difficult to accept Hanyang Securities' request for early redemption of 22 billion won in commercial paper (CP).
On the 18th, JoongAng Ilbo said in a statement, "It is difficult to make an early redemption before maturity individually for a specific creditor."
According to JoongAng Ilbo, Hanyang Securities requested early redemption of CP worth 12 billion won maturing on Dec. 7 this year and CP worth 10 billion won maturing on Mar. 30 next year.
JoongAng Ilbo said, "JoongAng Ilbo, which is currently pursuing a workout (corporate restructuring), must maintain fairness among all creditors," adding, "This is an unavoidable measure to ensure the successful progress of the workout and to protect the interests of the entire creditors' council." It added, "JoongAng Ilbo will continue to work closely with the main creditor bank and the creditors' council to faithfully carry out procedures to normalize management."
In the case of Hanyang Securities, the exposure to JoongAng Ilbo, JTBC, and other JoongAng Group affiliates is reportedly 84 billion won. Hanyang Securities said in a news release the previous day, "Recovery is proceeding smoothly," adding, "A cumulative 44.6 billion won will be recovered by the end of September, and 73.1 billion won by year-end."