JoongAng Ilbo enters first default status after missing repayment

South Korean newspaper publisher JoongAng Ilbo was classified as being in first default after failing to meet an early repayment demand on 22 billion won ($14.4 million) worth of commercial paper, according to a regulatory filing Friday.

According to the Financial Supervisory Service's electronic disclosure system on Friday, JoongAng Ilbo said in a filing that it failed to make payment on Thursday due to insufficient deposits in its account.

"A creditor presented the note for payment on June 18, ...