Zico Faces Principal and Interest Delinquency on 2.9 Billion Won Loan

[Asia Economy Reporter Eunmo Koo] Zico disclosed on the 20th that there has been a delinquency in the principal and interest payments on a general loan of 2.85 billion KRW borrowed from KEB Hana Bank. The loan principal and interest amount is approximately 14.22% of the company's equity capital. The company explained the reason for the delinquency, stating, "The delinquency in principal and interest payments occurred due to the loss of the benefit of the term following the application for commencement of rehabilitation proceedings," and added, "Due to the provisional disposition decision and comprehensive injunction order by the Daejeon District Court, the debt could not be extended or repaid." Furthermore, the company added, "The delinquency is expected to be resolved according to the company's rehabilitation commencement and management plan."