Court allows cash-strapped JTBC to begin rehabilitation process

The Seoul Bankruptcy Court on Friday approved troubled local broadcaster JTBC's request to begin rehabilitation proceedings, allowing it to restructure its debts under court supervision.

JTBC, an affiliate of media giant JoongAng Group, filed for rehabilitation on June 15, three days after failing to repay 20.6 billion won ($14.9 million) in asset-backed loans at maturity.

The broadcaster has struggled with a major contraction in the TV advertising market, fueled by rapid shifts in the media lan