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 DaouKiwoom-CJ consortium has been selected as the preferred bidder for JoongAng Ilbo, a major South Korean newspaper publisher, following a bidding process that concluded earlier in the day, according to industry sources reported by The Korea Times. The consortium, which includes DaouKiwoom and CJ, emerged victorious in a race against Orion and four other potential bidders, securing a deal valued between 400 billion won ($300 million) and 500 billion won.
The newspaper had entered a debt workout program in July 2022, facilitated by Hana Bank and other lenders, due to liquidity issues within the JoongAng Group. During this period, creditors have had their debt collection suspended for three months, preventing the need for court-led rehabilitation proceedings. JoongAng Holdings, which holds a 64.7 percent stake in JoongAng Ilbo, is controlled by the founding family of the JoongAng Group.
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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