Business · Companies · 1 hr ago
Four JoongAng Group Firms Complete Reviews as Phoenix Central Sale Nears
Four JoongAng Group companies in rehabilitation have completed financial reviews.
The firms are Megabox JoongAng, Contentree JoongAng, JoongAng P&I and JoongAng Holdings.
The reviews assess their assets, debts and prospects, helping determine whether they can repay debts themselves or need to sell assets.
The companies have asked the court to allow meetings with creditors and other stakeholders to discuss their finances and possible sales.
Their rehabilitation plans are due in December, and those plans are expected to show whether the firms will be sold.
Phoenix Central is preparing for a separate sale bid as early as Nov.
16 and is not part of the four companies’ rehabilitation proceedings.
It operates leisure resorts in Pyeongchang and Jeju, and the sale proceeds could help repay its creditor, Hanyang Securities.
Four JoongAng Group companies in rehabilitation proceedings have submitted investigation reports and are preparing creditor and stakeholder briefings.
The reports assess the companies’ assets, business prospects and options for repaying debts, including possible sales.
The companies are expected to clarify their restructuring plans in rehabilitation plans due in December.
Phoenix Central, which is outside the rehabilitation proceedings, is expected to hold a final sale bid as early as November 16.
Club Med and several other potential buyers are said to be considering a purchase of Phoenix Central.
- Who
- The four companies are Megabox JoongAng, Contentree JoongAng, JoongAng P&I and JoongAng Holdings; Phoenix Central is also involved in a separate sale.
- What
- The four firms completed investigation reports in rehabilitation proceedings, while Phoenix Central is preparing a final sale bid.
- When
- The reports were submitted between October 20 and November 10. Phoenix Central’s final bid may take place as early as November 16.
- Where
- The companies are part of JoongAng Group in South Korea; Phoenix Central operates properties in Pyeongchang and Jeju.
- Why
- The reports will inform decisions on rehabilitation plans, debt repayment and possible sales. Phoenix Central’s sale is described as part of the group’s self-rescue efforts.
This story does not have two clearly opposing sides.
The investigator submitted Megabox JoongAng’s report.
The investigator submitted Contentree JoongAng’s report.
The investigator submitted JoongAng P&I’s report.
The investigator submitted JoongAng Holdings’ report.
Phoenix Central may hold its final sale bid as early as this date.
Rehabilitation plan filing deadlines are set for Megabox JoongAng, Contentree JoongAng, and JoongAng P&I and JoongAng Holdings, respectively.
- Companies in rehabilitation
- Megabox JoongAng, Contentree JoongAng, JoongAng P&I, JoongAng Holdings
- Investigation reports
- Submitted October 20, October 25, November 3 and November 10
- Phoenix Central bid
- Expected as early as November 16
- Phoenix Central properties
- Phoenix Park in Pyeongchang and Phoenix Island in Jeju
- Phoenix Central ownership
- JoongAng Resort Investment holds an 80% stake
- Previous sale price sought
- About 250 billion won for a 100% stake in last year’s negotiations