Introduction of Escrow-Based Settlement System in Early October
Ryu Gwang-jin, CEO of TMON, stated that there are two specific places where mergers and acquisitions (M&A) are being discussed. He anticipated that the process would accelerate once the Seoul Bankruptcy Court issues a rehabilitation procedure commencement decision and the investigation report is released, which will clarify the scale of the M&A.
On the 11th, TMON announced that the previous afternoon the Seoul Bankruptcy Court had issued a rehabilitation procedure commencement decision, appointing Jo In-cheol, former Executive Director of SC First Bank, as the court-appointed manager, and Han Young Accounting Corporation as the investigation committee.
CEO Ryu plans to work with the new manager to restore damages and normalize the platform. Going forward, TMON must compile a list of creditors and submit it to the rehabilitation court by October 10. From October 11 to 24, creditors must report their claims. Subsequently, Han Young Accounting Corporation, the investigation committee, will assess the going-concern value and liquidation value and submit an investigation report by November 29. TMON will submit its rehabilitation plan by December 27.
Alongside preparing for the rehabilitation procedure, TMON intends to focus on normalizing the platform. Early next month, it plans to introduce an escrow-based settlement system and relaunch the platform. To this end, a high-intensity organizational restructuring was carried out last month, and new finance and funding departments were established. Additionally, a technology and development team was recently built within the company to lay the foundation for an independent platform role.
CEO Ryu explained, “We aim to support the manager in swiftly performing the necessary tasks for the rehabilitation procedure and platform operation, accelerate M&A efforts, and pursue M&A before the court approves the rehabilitation plan.” He added, “We plan to push for an M&A that creditors will agree to within this year and do our best to compensate victims and normalize the company.”
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