"If the Field Collapses, There Is No Future for Korean Cinema"... Government Steps In to Support Megabox Crisis

Minister Choi Hwiyeong Holds Emergency Meeting with Distributors and Entrusted Theater Managers
Briefing Session on Rehabilitation Proceedings and Professional Legal Consultation to Be Provided

The Ministry of Culture, Sports and Tourism has begun reviewing the impact of Megabox JoongAng's application for rehabilitation proceedings on the film industry and is working on countermeasures to support film distributors and entrusted theaters.

The Ministry announced that, together with the Korean Film Council, it held an emergency meeting on July 10 regarding Megabox's rehabilitation proceedings. The meeting was attended by Minister Choi Hwiyeong, Han Sangjun, Chairman of the Korean Film Council, officials from the film distribution industry, and managers of theaters entrusted by Megabox.

Representatives from the distribution sector and entrusted theaters expressed concerns about the potential impact of Megabox's rehabilitation proceedings on their management and the ripple effects on the broader film industry. They also called for active government intervention to minimize damage to the film community.

Minister Choi stated, "As a government that has focused policy capabilities on the recovery of the film industry, we are closely monitoring the current situation," and added, "With a sense of urgency that the collapse of the field would mean no future for Korean cinema, we will actively seek all available policy measures to minimize the impact on the industry."

Since June 25, the government has been operating the 'Film Industry Impact and Grievance Reception Center' to collect feedback from the industry. Soon, it plans to hold a briefing session for relevant companies on the rehabilitation proceedings and provide professional legal consultations needed for creditor registration and related matters.

This content was produced with the assistance of AI translation services.