Rehabilitation Court Appoints Executive in Charge of 'Timef' Restructuring

The court appoints a Chief Restructuring Officer (CRO) to support the Autonomous Restructuring Support (ARS) program for the Tmon and Wemakeprice cases.

Ryu Hwa-hyun, CEO of Wemakeprice (left), Ryu Kwang-jin, CEO of TMON. Photo by Jo Yong-jun jun21@

The Seoul Bankruptcy Court, Rehabilitation Division 2 (Presiding Judge An Byung-wook, Chief Judge Kim Ho-chun, and Judge Yang Min-ho) announced on the 20th that it approved the appointment of a CRO for Tmon and Wemakeprice on the 19th. The CRO plays a role in advising and supervising the company’s representatives to ensure the fair progress of the rehabilitation process. The CRO reports the company’s assets, expenditures, and operational status to the court and the creditors' committee, and also facilitates communication with creditors.

At the first rehabilitation procedure meeting, the creditors' committee pointed out unclear aspects in Tmon and Wemakeprice’s financial status and self-rescue plan, and proposed the appointment of a CRO.

The court judged that relying solely on the two representatives of Tmon and Wemakeprice to report the company’s financial status and normalization plans would have limitations in satisfying stakeholders, and thus appointed a CRO.

The second rehabilitation procedure meeting is scheduled to take place at 3 p.m. on the 30th. On that day, the CRO is expected to report to stakeholders on the progress regarding Tmon and Wemakeprice’s assets, business status, and self-rescue plans.