JTBC Halts Corporate Card Use Amid Financial Difficulties

JTBC has completely halted the use of corporate cards.

According to industry sources, JTBC notified all employees via email of the suspension of corporate card use.

JTBC stated that Samsung Card and Hyundai Card suspended the use of JTBC corporate cards.

Employees should use personal cards and submit receipts for expense reimbursement. The use of all corporate cards will be suspended.

Two days after declaring a default on its debts, JTBC’s affiliated companies, Contentree JoongAng and Megabox JoongAng, filed for rehabilitation proceedings with the court.

Contentree JoongAng applied for the commencement of rehabilitation procedures, provisional disposition, and comprehensive injunction. Megabox JoongAng also applied for rehabilitation proceedings.

Previously, JTBC declared default after failing to repay 20.6 billion KRW in securitized loans at maturity. Domestic credit rating agencies downgraded JTBC’s credit rating immediately following the default.