Following Tmon, Interpark Commerce Also
Qoo10's Domestic E-Commerce Platforms All File for Corporate Rehabilitation
Following TMON and WEMAKEPRICE (Timep), Interpark Commerce, another domestic e-commerce affiliate of Qoo10, 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 an Autonomous Restructuring Support (ARS) program at the Seoul Rehabilitation 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 KRW unpaid sales proceeds incident involving TMON and WEMAKEPRICE, which led to a chain reaction of sellers and customers leaving. Interpark Commerce stated, "The settlement delay incident that began in July with WEMAKEPRICE and TMON has also affected Interpark Commerce's business activities, resulting in sellers halting transactions and customers withdrawing."
Interpark Commerce explained that it tried to operate its business normally and generate profits and cash flow, but it was insufficient. The company said, "Various problems occurred, such as some PG companies unilaterally withholding and notifying the sales proceeds that should have been paid normally, leading to delays in payments to sellers. Recently, due to measures such as provisional seizure by some creditors, normal business activities and payments of even small unpaid amounts have become impossible."
Interpark Commerce stated, "We are making every effort with company-wide capabilities to minimize damage to sellers and customers and are discussing various options ranging from multiple potential investors and strategic investments to corporate sales."
At the same time, the company explained, "More time is needed to produce concrete results," and added, "Through the ARS-type rehabilitation procedure, we intend to autonomously negotiate with creditors and resolve payment fairness issues."
The company further said, "In the ongoing investment attraction process, we will enhance the transparency of debt payments based on the court's judgment and materials," and "We plan to request legal judgment to secure the sales proceeds currently withheld by PG companies, and once received, we will allocate them to settlements to prevent damage to small business owners and use them as minimal management resources to quickly restore normal business operations."
Interpark Commerce reiterated, "Filing for rehabilitation proceedings is to achieve the best possible outcome under the current circumstances," and added, "We will devote company-wide efforts with a responsible attitude to resolve the settlement delay incident and restore normal business operations."
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