JoongAng Ilbo has received letters of intent from six parties seeking a controlling stake through a competitive third-party allotment of new shares. Global Sae-A, E Broadcasting, OK Financial Group and Kumbo Development are among the bidders. Samil PricewaterhouseCoopers, the sale's lead manager, will assess each candidate's financial capacity, fundraising plans and post-acquisition operating strategy before selecting a shortlist by late September. The creditor-led process began after JoongAng Ilbo entered a debt workout in July, with Hana Bank shifting from a proposed sale of existing shares to a new-share issuance because JoongAng Holdings is undergoing rehabilitation proceedings. Creditors aim to strengthen the newspaper's finances and exit the workout by year-end. Global Sae-A is viewed as the strongest candidate, partly because its Jeonju Paper affiliate could provide newsprint, while E Broadcasting is considering a consortium with outside investors. CJ Group, which owns a 9.24% stake through CJ OliveNetworks, did not bid, with restrictions on large conglomerates holding controlling media stakes presenting a major obstacle.