6 bidders vie for control of JoongAng Ilbo as sale enters final round

The final round of bidding to acquire control of JoongAng Ilbo, one of Korea’s leading newspaper publishers, is officially down to six contenders, industry officials said Monday. The six bidders, all of whom participated in last month’s preliminary bidding, include confectionery maker Orion, Global Sae-A, Daou Kiwoom Group, OK Financial Group, Geumbo Development and eBroadcasting. Daou Kiwoom Group is participating as part of a consortium with CJ Group, which emerged as a surprise contender in reports on Friday. JoongAng Ilbo entered a creditor-led workout program in July after its parent, JoongAng Group, ran into a liquidity crisis. The program allows a company to negotiate debt restructuring with creditors while retaining greater control of its operations than it would under court-supervised rehabilitation. The buyer will gain control of the publisher by acquiring newly issued shares rather than buying out the existing controlling shareholder. This arrangement would channel the acquisition money directly into cash-strapped JoongAng Ilbo, giving it fresh capital to shore up its fin