KOFIC and MCST Convene Emergency Industry Forum on Megabox JoongAng Rehabilitation Proceedings

The Korean Film Council (KOFIC; Chairperson Han Sang-jun), in partnership with the Ministry of Culture, Sports and Tourism (MCST; Minister Chae Hwi-young), convened an emergency industry forum on the afternoon of Friday, July 10, to assess the current state of the sector and explore response measures in connection with Megabox JoongAng's recent filing for the commencement of corporate rehabilitation proceedings.

The forum was attended by Chairperson Han Sang-jun and Minister Chae Hwi-young, alongside representatives from film distribution companies and franchise theater operators closely linked to Megabox JoongAng's business operations. The meeting provided a direct channel for gathering firsthand industry perspectives and discussing effective government-level support measures.

Representatives from the film distribution sector and franchise theater operators raised concerns over the business impact and wider industry ripple effects stemming from the commencement of Megabox JoongAng's rehabilitation proceedings, and called on the government to play an active role in minimizing the fallout on the film industry.

"Given the significant concern within the film industry following Megabox JoongAng's filing for the commencement of rehabilitation proceedings, we are carefully listening to all industry voices," said Chairperson Han Sang-jun. "KOFIC will work in close coordination with the Ministry of Culture, Sports and Tourism to continuously monitor the impact of the situation and proactively develop the support measures needed to minimize difficulties on the ground."

KOFIC has been operating its Film Industry Impact and Concerns Intake Center since June 25, collecting input from affected parties. The Council additionally plans to hold an information session on rehabilitation proceedings for relevant industry stakeholders in the near future, and to provide specialist legal consultation to support creditor claims filing and related processes.

Published under Public Domain Mark (Korea Open Government License — Attribution). For further inquiries regarding this release, please contact the person in charge. Source: Korean Film Council (KOFIC)
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