JoongAng Ilbo applies for debt workout program, pledges restructuring efforts

Major newspaper JoongAng Ilbo Co. said Friday it had formally applied for a creditor-led debt workout program amid liquidity problems across its parent group.

The company said it had officially filed for a debt restructuring program with its main creditor bank, Hana Bank, after failing to honor a request for the early repayment of 22 billion won ($14.38 million) worth of commercial paper.

"We will continue consultations with creditor banks, and faithfully prepare effective debt restructuring and ...