After the court decided to commence rehabilitation proceedings for TMON and WEMAKEPRICE (Timep), creditors who had not received settlement payments expressed relief and urged speeding up investor attraction for an early merger and acquisition (M&A).
The Black Umbrella Emergency Response Committee (formerly the Timep Victim Sellers Emergency Response Committee) stated immediately after the Seoul Rehabilitation Court's decision to commence rehabilitation proceedings for TMON and WEMAKEPRICE, "We respect and agree with the court's decision," adding, "We will approach the rehabilitation process with even a small hope."
On the same day, the Seoul Rehabilitation Court decided to initiate rehabilitation procedures for both companies and appointed Jo In-cheol, former executive director of SC First Bank and third-party manager in the Dongyang Group rehabilitation case, as the third-party court manager.
The Emergency Response Committee emphasized that the court's decision to commence rehabilitation rather than bankruptcy for Timep was "an unavoidable choice due to the involvement of many creditors and the large amount of claims," and expressed hope that "the investigator's objective investigation and the investors who had shown interest will become more concrete, leading to good results."
They also urged, "Even if the M&A is successful, the sellers must endure until then, but many are currently struggling with loans," calling for "support that can be felt, such as setting loan criteria based on the amount of damage rather than credit rating, lowering loan interest rates to match existing rates, or deferring value-added tax."
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