On June 15, 2026, the headquarters of JoongAng Ilbo in Mapo-gu, Seoul, was the setting for a somber and historic moment in South Korea’s media industry. Hong Jung-do, Vice Chairman of JoongAng Group, stood before assembled reporters and cameras, bowed his head deeply, and delivered an apology that resonated far beyond the walls of the building. The company, along with several of its key affiliates—including JTBC, Megabox, Contentsree JoongAng, JoongAng Holdings, and JoongAng P&I—had just filed for court-led rehabilitation procedures in response to an acute liquidity crisis and a series of financial setbacks.
"I sincerely apologize for causing public concern," Hong began, his voice reflecting both gravity and regret, according to Yonhap News. He explained that despite the company’s best efforts to stabilize management, worsening external economic conditions and a sharp downgrade in credit ratings had created a severe liquidity crunch, making the decision to seek court protection unavoidable. The press conference, which lasted just over three minutes and did not include a Q&A, was marked by Hong bowing his head four times—a gesture of contrition that left a lasting impression on both employees and the public.
Hong’s statement was unequivocal: "The company has done everything possible to ensure management stability, but due to various factors such as deteriorating external economic conditions and a liquidity crunch caused by credit rating downgrades, we could not avoid today’s unavoidable decision." This decision, as covered by Hankyoreh and Kyunghyang Shinmun, was not taken lightly. The group’s financial troubles had come to a head just days earlier, when JTBC failed to repay approximately 20.6 billion KRW (about $15 million) in liquidity borrowings on June 12, triggering a significant credit rating downgrade and setting off alarm bells throughout the conglomerate.
In his remarks, Hong addressed not just the shareholders and creditors, but also the many employees who were grappling with uncertainty. "I believe that our employees are experiencing great shock and anxiety upon hearing this news," he said, as reported by OhmyNews. "We will do everything necessary to achieve rapid normalization and will make every effort to stabilize employment." Hong’s pledge was clear: damage recovery would be the company’s top priority, and every possible measure would be taken to protect jobs and ensure the continued operation of JoongAng Group’s core businesses.
The list of companies applying for rehabilitation reads like a who’s who of South Korea’s media and entertainment landscape: JTBC, a major broadcaster; Megabox, a leading cinema chain; Contentsree JoongAng, a content powerhouse; JoongAng Holdings, the group’s holding company; and JoongAng P&I. According to Media Today, these applications were filed between June 14 and June 15, underscoring the urgency of the situation. The move marks the most challenging period in JoongAng Group’s history, a fact Hong did not shy away from: "This is the most difficult time in the history of JoongAng Group. But if the determination of our employees and the responsible efforts of management come together, we can surely overcome this crisis wisely."
Hong also reached out directly to employees via email, reiterating his deep sense of responsibility and the rationale behind the decision. "As the top executive of JoongAng Group, I sincerely apologize to all employees," he wrote. "The rehabilitation process is not a liquidation procedure. Under court supervision, it is a system for adjusting debt and continuing business operations to normalize the company, with existing management continuing as administrators." He urged employees to remain focused on their duties and customer service, emphasizing that the process was a "painful but necessary choice to protect the essential competitiveness and future value of JoongAng Group, as well as the ecosystem of Korea’s media and content industry and your workplace."
Throughout the day, Hong made repeated assurances that the group’s main operations would continue without disruption. He was especially adamant about the uninterrupted broadcast of high-profile events such as the North and Central America World Cup coverage, a point he stressed during the press conference and in communications with staff. "All of the company’s core businesses, including the broadcast of the North and Central America World Cup, will continue to operate normally," Hong said, according to Kyunghyang Shinmun. He also appealed for understanding and cooperation from both the public and stakeholders, acknowledging the significant impact of the news.
Industry observers noted that the group’s troubles had been brewing for some time. The liquidity crunch was exacerbated by persistent financial burdens and a prolonged freeze in capital markets, as detailed by Media Today. The failure to repay JTBC’s substantial borrowing was merely the tipping point. For creditors and shareholders, Hong’s promise was direct: "I sincerely apologize to all creditors and shareholders. We will make damage recovery our top priority and do our utmost until the end."
As the process unfolds, Hong has committed to working closely with the court and relevant institutions to improve the group’s financial structure and stabilize management, including normalizing trading for the group’s listed companies. He emphasized that transparency and orderliness would guide every step: "This decision is a transparent and orderly process to protect the fundamental competitiveness and future value of JoongAng Group and the ecosystem of Korea’s media content industry."
While the press conference was brief and did not allow for questions, the images of Hong bowing in apology were widely circulated, capturing the gravity of the moment. The response from employees was one of shock and anxiety, but Hong’s message was one of determination and hope. "If the determination of our employees and the responsible efforts of management come together, we can surely overcome this crisis wisely," he stated, underscoring his commitment to lead the group through this unprecedented challenge.
As JoongAng Group embarks on its rehabilitation journey, the eyes of the media industry, creditors, and the South Korean public will be watching closely. The coming months will test the group’s resilience and the leadership of Hong Jung-do. For now, the message from the top is one of responsibility, transparency, and an unwavering commitment to recovery and renewal.