Tmon Expected to Submit Self-Rescue Plan to Court on the 12th

On the 13th, the Rehabilitation Procedure Council Meeting Will Be Held

Tmon and Wemakeprice are scheduled to submit a self-rescue plan to the court on the 12th.

According to the legal community on the 9th, Tmon and Wemakeprice plan to submit a self-rescue plan containing measures such as new investment attraction plans, mergers and acquisitions (M&A) promotion, and restructuring to the Seoul Bankruptcy Court on the 12th.

Ryu Hwa-hyun, CEO of Wemakeprice (left), and Ryu Kwang-jin, CEO of TMON, are attending a hearing at the Seoul Rehabilitation Court in Seocho-gu, Seoul on the 2nd, addressing the press. The court plans to review the reasons for TMON and Wemakeprice's rehabilitation applications, their debt status, and funding plans. Photo by Jo Yong-jun jun21@

Originally, Tmon and Wemakeprice planned to submit the self-rescue plan within this week. However, it seems that more time was required to prepare the plan due to difficulties in finding acquirers and investors. If the submission of the self-rescue plan is delayed, it may also disrupt the progress of the Autonomous Restructuring Support (ARS) program.

Since the ARS program is a system supported by the court to facilitate voluntary restructuring negotiations between debtors and creditors, it is most important for the debtor side to prepare their own self-rescue plan. On the day after the submission of the self-rescue plan, the 13th, a rehabilitation procedure council involving government-related agencies and creditors is scheduled to be held for the first time.