JR Global REIT has filed for court-led rehabilitation, marking the first time a publicly listed real estate investment trust in South Korea has entered such proceedings.
According to regulatory filings Tuesday, the company submitted an application to the Seoul Bankruptcy Court a day earlier, along with a request to initiate the Autonomous Restructuring Support (ARS) program, which allows up to three months of creditor negotiations before formal rehabilitation begins.
Trading of the REIT’s shares on the benchmark stock market has been suspended.
The move comes as the company faces an acute short-term liquidity crisis. It was unable to secure funding despite a series of upcoming obligations, including 40 billion won ($27.2 million) in short-term electronic debt and 60 billion won in corporate bonds maturing this month, followed by a 100 billion won foreign exchange hedge settlement payment due on May 4.
As a result, about 200 billion won in funds from roughly 28,000 retail investors are expected to be tied up for the time being.
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