JTBC, which is undergoing rehabilitation proceedings in South Korea, has selected EY Han Young as lead manager for its management-rights sale and formally begun work on transferring management control. The broadcaster plans to seek approval for the appointment from the Seoul Bankruptcy Court. The transaction is expected to use pre-approval M&A, in which a buyer is finalized before the rehabilitation plan is approved. EY Han Young previously served as JTBC’s investigation committee member and rehabilitation corporate value evaluation committee member, and determined during the Autonomous Restructuring (ARS) process that the company’s going-concern value exceeded its liquidation value. Interest in a successful sale has strengthened after six companies, including Daou Technology, Orion and Global Sae-A, considered bids for the creditor-led sale of JoongAng Ilbo. JTBC has said rehabilitation would help protect creditors’ rights and that it would pursue a swift sale to normalize management.