JoongAng Ilbo enters first default status after missing repayment

AI핵심 요약

• ·As JoongAng Group grappled with liquidity crunch, Hanyang Securities demanded immediate repayment of 22 billion won in commercial paper South Korean newspaper publisher JoongAng Ilbo was classified as being in first default after failing to meet an early repayment demand on 22 billion won ($14.4 million) worth of commercial paper, according to a regulatory filing Friday.
• ·According to the Financial Supervisory Service's electronic disclosure system on Friday, JoongAng Ilbo said in a filing that it failed to make payment on Thursday due to insufficient deposits in its account.
• ·"A creditor presented the note for payment on June 18, but the company was unable to settle the payment due to insufficient funds in its deposit account," the company said.
• ·"As a result, the note was classified as a first default as of June 18." The defaulted notes were commercial paper held by Hanyang Securities.
• ·Their original maturities were Dec.