This article was displayed on the ChosunBiz MoneyMove (MM) site at 10:22 a.m. on Sept. 1, 2026.
In a pre-bankruptcy review, JTBC was evaluated as having higher economic value by continuing operations than by liquidating the company. However, the amount of property adjusted after due diligence on the recoverability of assets and other factors came in at less than half of the total assets in the semiannual report.
On the 1st, according to investment banking (IB) industry sources and according to legal sources, EY Hanyoung assessed JTBC's property status at 240.655 billion won in the pre-bankruptcy review. Total liabilities were 724.94 billion won. Liquidation value and going-concern value were calculated at 101.047 billion won and 143.569 billion won, respectively. The value if the business continues was assessed to be about 42.5 billion won higher than if the company were liquidated. Earlier, the court appointed EY Hanyoung as the examiner for JTBC's rehabilitation proceedings.
These details were included in the pre-commencement investigation report submitted to the court on the 11th of last month. The pre-commencement investigation report is material the court uses to understand the debtor's assets and liabilities and the feasibility of continuing the business before formally beginning rehabilitation proceedings.
The size of the property showed a large gap from the total assets in the recent financial statements. The property status amount is the figure adjusted by the examiner after on-site checks of the existence and recoverability of book assets and appropriate valuation. While JTBC's semiannual report showed total assets of 634.5 billion won on a separate basis, the property status amount calculated in the pre-commencement review was only 240.6 billion won. It did not even reach 40% of the total assets in the semiannual report.
Assets related to related parties, including JoongAng Ilbo, are cited as the background for the wide gap between the two figures. According to the IB industry, some receivables and investment assets related to certain related parties were judged to have low recoverability in the pre-commencement review and were valued significantly below book value.
An industry official said, "Given that many major affiliates of JoongAng Group are undergoing rehabilitation or workouts, even if amounts receivable are on the books, reflecting the actual possibility of repayment and expected recovery rates can significantly reduce asset value."
A decrease in cash and cash equivalents was also said to have had an impact. Around JTBC's rehabilitation filing, part of the cash inflow from operations, such as license fees, was first allocated to the creditor group under the debt repayment structure, and cash inflows from operations themselves also decreased, the explanation said. Held financial assets and various receivables were also reportedly valued below book value after reassessing recoverability and market value.
Liabilities in the pre-commencement review also far exceeded the figures in the semiannual report. Total liabilities tallied in the review were 724.94 billion won, about 191.9 billion won more than the 533 billion won in total liabilities in the semiannual report. Which specific debts were additionally reflected or saw increased valuations is expected to be confirmed in the forthcoming full investigation.
However, the amounts calculated by the examiner this time are not finalized corporate value or asset value. This review is a pre-commencement investigation conducted during the Autonomous Restructuring Support (ARS) program period to determine whether to begin rehabilitation, and it has limitations in that it was calculated based on a limited period and data. It differs in scope and nature from the full-scale investigation conducted after the start of rehabilitation proceedings.
JTBC received a decision to commence rehabilitation proceedings from the court on the 28th of last month. The examiner will recalculate JTBC's going-concern value and liquidation value. The deadline to submit JTBC's rehabilitation plan, for which a sale is being pursued, is Jan. 29 next year.