The 'Timeff Incident' Spreads... Interpark Commerce Also Files for Rehabilitation

Form of Autonomous Restructuring Support Program

Interpark Books, a subsidiary of Interpark Commerce, another affiliate of Singapore-based e-commerce Qoo10 which caused the unsettled payment issue for Tmon and Wemakeprice, also suspended its service on the 31st. The photo shows the service suspension notice displayed on the Interpark Books homepage. Photo by Jo Yongjun jun21@

Following Tmon and Wemakeprice, another affiliate of Qoo10, Interpark Commerce also filed for corporate rehabilitation proceedings with the court on the 16th.

Interpark Commerce announced that it applied for corporate rehabilitation proceedings in the form of a voluntary restructuring support (ARS) program at the Seoul Bankruptcy Court on the same day.

This comes 18 days after Tmon and Wemakeprice filed for corporate rehabilitation proceedings on the 29th of last month.

Interpark Commerce has been experiencing severe financial difficulties since mid-last month, following the 1 trillion won unpaid sales proceeds incident involving Tmon and Wemakeprice, which led to a chain reaction of sellers and customers leaving.

Interpark Commerce stated, "We are making every effort with company-wide capabilities to minimize the damage to sellers and customers, and we are discussing various options ranging from multiple potential investors and strategic investments to corporate sales."

They added, "However, more time is needed to produce concrete results," and explained, "Through the ARS-type rehabilitation process, we intend to autonomously negotiate with creditors and resolve payment fairness issues."