ZyCommerce Files Petition to Conclude Rehabilitation Proceedings

[Asia Economy Reporter Minwoo Lee] ZY Commerce announced on the 21st that it has applied to the Seoul Bankruptcy Court for the termination of rehabilitation proceedings. ZY Commerce began the rehabilitation process on May 22 of last year and paid the subscription price for new shares and the funds for corporate bond subscribers. Subsequently, on the 13th, it received approval for bond repayment and fully repaid the rehabilitation secured claims on the 14th. Once the registration of the paid-in capital increase is completed, it plans to immediately repay rehabilitation claims of 2.151 billion KRW and tax claims of 141.47 million KRW, and handle the estimated amount of 119.24 million KRW for unconfirmed claims through an escrow method supervised by a neutral third party.