DaouKiwoom-CJ consortium picked as preferred bidder for debt-laden JoongAng Ilbo
Creditors of JoongAng Ilbo Co. picked DaouKiwoom-CJ consortium as the preferred bidder for one of the major South Korean newspaper publishers as they closed bidding for the debt-laden company earlier in the day, industry sources said Monday. According to the sources, the DaouKiwoom-CJ consortium beat Orion and four others in a race to take over JoongAng Ilbo, a deal estimated at between 400…
The Korea Times reports that creditors of JoongAng Ilbo Co. have selected the DaouKiwoom-CJ consortium as the preferred bidder for the debt-laden newspaper publisher. The consortium, which includes Daou and Kiwoom, has outbid Orion and four other bidders in a deal valued between 400 billion won and 500 billion won. JoongAng Ilbo entered a debt workout program in July, led by main creditor Hana Bank and other lenders, due to liquidity issues at its parent company, JoongAng Group.
The creditors have suspended debt collection for three months to prevent court-led rehabilitation proceedings. JoongAng Holdings, owned by the founding family of JoongAng Group, holds a 64.7 percent stake in the company.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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