On the 1st, the first day trading resumed, Contentree JoongAng plunged straight to the lower limit, the bottom of the daily price band. The sell-off appears to be intensifying after a court decided to open rehabilitation proceedings.
As of 9:36 a.m. that day, Contentree JoongAng shares were trading at 3,500 won on the main board, down 29.93% (1,495 won) from the previous session.
The Korea Exchange (KRX) designated Contentree JoongAng as an issue under administrative watch and halted trading starting on the 16th of last month. With the court's decision the previous day to begin rehabilitation proceedings, trading resumed that day.
The previous day, the court decided to open rehabilitation proceedings for four JoongAng Group affiliates, including Contentree JoongAng. The court notified each company of the deadlines for submitting creditor lists, filing and reviewing claims, submitting investigation reports, holding explanatory sessions for interested parties, and submitting rehabilitation plans.
Contentree JoongAng must submit its rehabilitation plan by Dec. 15 this year.