JR Global REIT Files for Court Rehabilitation and Trading Suspension – Liquidity Crisis Deepens | JR GLOBAL REIT(348950)

The company filed for court rehabilitation on April 27, 2026 (Seoul Bankruptcy Court 2026 Rehabilitation 1078) and concurrently applied for the ARS (Autonomous Restructuring Support) program; on May 15, a one-month ARS commencement was confirmed.
Trading of common shares on the KOSPI market suspended from April 28.
Default on KRW 40 billion electronic short-term bonds due to non-payment; loss of maturity benefit triggered by rehabilitation filing. Credit rating downgraded from A-/Negative to D.
LTV covenant (52.5%) on Belgium Finance Tower Complex breached (61.02%), triggering a Cash Trap event. The company disputes the appraisal and has filed a lawsuit.
Consolidated operating profit for the half-year ended March 2026: KRW 34.4 billion (down from KRW 54.5 billion in prior period); net profit KRW 12.3 billion (down from KRW 16.2 billion). Separate net loss KRW 10.1 billion. Consolidated net debt ratio rose to 129.93%.
Significant uncertainty exists regarding the going concern assumption. Dividends have become rehabilitation claims and payment is uncertain.

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