The court approved the application for the 'Voluntary Restructuring Support (ARS)' program by Interpark Commerce, an affiliate of the Qoo10 Group, which triggered the payment delay crisis.
The Seoul Bankruptcy Court, Rehabilitation Division 2 (Presiding Judge Byeong-wook Ahn) announced on the 23rd that after completing the inquiry procedure with the representative of Interpark Commerce, it will defer the decision on whether to commence rehabilitation proceedings until September 23 to support the ARS program.
The ARS program is a system where a company autonomously negotiates repayment plans with its creditors. During this period, the rehabilitation proceedings are put on hold. The deferral period can be extended in one-month increments up to a maximum of three months.
However, the court did not decide on holding a rehabilitation procedure council or appointing a procedure supervisor. A court official stated, "We will not make an immediate decision but will review the situation while monitoring the progress of the sale process currently underway by Interpark Commerce."
Interpark Commerce has been experiencing severe financial difficulties after a large-scale unpaid settlement incident involving TMON and WEMAKEPRICE erupted in mid-last month, causing a chain reaction of seller and customer departures.
Earlier, Interpark Commerce applied for the commencement of corporate rehabilitation proceedings along with the ARS program on the 16th. Subsequently, on the 19th, the rehabilitation court issued preservation orders and comprehensive injunctions against Interpark Commerce.
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