"쓴 돈이 남은 재산의 37배"..금감원 '투기 등급' JTBC 조사 (자막뉴스) / SBS

With key affiliates of the JoongAng Group, including JTBC, having filed for rehabilitation proceedings due to a liquidity crisis, financial authorities are investigating whether there was mis-selling of corporate bonds and electronic short-term bonds issued by JTBC. According to financial authorities, the Financial Supervisory Service (FSS) is focusing its investigation on the possibility of mis-selling during the issuance process of JTBC's corporate bonds and electronic short-term bonds, specifically examining the adequacy of the lead underwriter's due diligence and any violations of financial risk disclosure obligations. The inspection targets short-term debt securities, including corporate bonds, electronic short-term bonds, and commercial paper, issued by JTBC last year and this year. According to the 2025 business report submitted by JTBC to the FSS, the company issued a total of 259 billion won worth of corporate bonds, electronic short-term bonds, and commercial paper last year. Furthermore, JTBC issued an additional 93 billion won worth of unsecured public corporate bonds in February of this year, just four months before its key affiliates filed for rehabilitation. The Financial Supervisory Service (FSS) views the key issues as whether these securities firms sufficiently verified JTBC's financial situation and the group's overall liquidity risks at the time of issuance, and whether they properly explained the relevant risks to investors. According to the business report, JTBC's consolidated deficit at the end of last year was 703.3 billion won, while its total equity amounted to only 19 billion won. This represents a severe situation where the money spent on business operations was a staggering 37 times greater than the assets remaining in the company. If JTBC or the lead underwriters were aware of the possibility of rapid financial deterioration or the risk of entering rehabilitation proceedings but failed to properly disclose this in the prospectus, or if they solicited investors by downplaying the risks, there is a possibility of mis-selling. In particular, asset-backed short-term electronic bonds have been identified as the direct cause of this liquidity crisis, and they share a structure similar to that of Homeplus, which underwent corporate rehabilitation proceedings. A liquidity crisis erupted as JTBC failed to repay a total of 20.6 billion won—including 5.6 billion won from Mir J.C. and 15 billion won from Jeil TBC J.C.—on maturity among the securitized borrowings raised through its special purpose entities, Mir J.C. and Jeil TBC J.C.. This led to a sharp decline in its long-term credit rating from BBB to CCC and its short-term credit rating from A3 to C, falling to speculative grade levels. Asset-backed electronic short-term bonds are a method in which a company transfers its assets or bonds to a special purpose entity, which then issues short-term bonds based on these assets to raise funds from investors. It is a structure that secures cash by bringing forward future cash flows through a type of "paper company." In addition to the 20.6 billion won that matured on the 12th, borrowings worth tens of billions of won were scheduled to mature next month; however, with the commencement of rehabilitation proceedings, repayment procedures are expected to be effectively halted. (Reporting: Kim Min-jeong, Video Editing: Ahn Jun-hyeok, Design: Lee Su-min, Production: Digital News Department) #SBSNews #News #Realtime #JTBC #JoongAngGroup #RehabilitationProceedings #Debt #WorldCup #BroadcastingRights #FSS #Homeplus #Speculation #PrivateLoans Copyright Ⓒ SBS. All rights reserved. Unauthorized reproduction, redistribution, and use for AI learning are prohibited.