Creditors OK debt workout scheme for JoongAng Ilbo

JoongAng Ilbo Co., a major South Korean newspaper publisher, has won approval for a creditor-led debt workout program, industry sources said Friday.

Main creditor Hana Bank and other lenders reached the decision after consultations.

On June 19, JoongAng Ilbo applied for the debt workout program amid liquidity problems at its parent, JoongAng Group.

The application came after the company failed to meet a request for an early repayment of 22 billion won (US$14.38 million) worth of commercial paper ...