JTBC was assessed as having greater economic value as an operating business than under liquidation in a pre-commencement investigation by EY Hanyoung, the investigation commissioner appointed by the Seoul Bankruptcy Court. The going-concern value was estimated at ₩143.569 billion, or about $104.7 million, compared with a liquidation value of ₩101.047 billion, or about $73.7 million, a difference of roughly ₩42.5 billion. EY Hanyoung’s investigated asset value was ₩240.655 billion, or about $175.6 million, less than 40% of the ₩634.5 billion reported in JTBC’s latest standalone semi-annual report. The gap reflected downward adjustments to related-party receivables and investments, including assets associated with JoongAng Ilbo and other JoongAng Group affiliates, as well as lower cash-equivalent assets, operating inflows, financial assets and other receivables. Investigated liabilities totaled ₩724.94 billion, about ₩191.9 billion above the ₩533 billion reported in the semi-annual report. The report was submitted to the court on the 11th of last month during JTBC’s Autonomous Restructuring Support period. The court decided to commence rehabilitation proceedings on the 28th of last month, after which the investigation commissioner will recalculate the going-concern and liquidation values. JTBC’s rehabilitation plan, under which a sale is being pursued, is due on January 29 of next year.