Happy Money Inc., the operator of Happy Money gift certificates, has entered rehabilitation proceedings (court receivership).
The Seoul Rehabilitation Court, Rehabilitation Division 1 (Presiding Judge Byeong-wook Ahn) decided on the 17th to commence rehabilitation proceedings for Happy Money Inc.
The deadline for submitting the rehabilitation plan is February 20 of next year. Through this commencement decision, the court appointed Mr. Yong-jin Jeon, who has experience working at financial institutions as well as experience as a Chief Restructuring Officer (CRO) and a third-party administrator, as a third-party co-administrator alongside the existing management.
Happy Money must submit a list of creditors to the court by the 14th of next month. The creditor registration period ends on December 12.
The investigation committee is handled by Samjong Accounting Corporation. The deadline for submitting the investigation report is January 24 of next year. The deadline for holding the stakeholders' briefing session is set for February 13, 2025.
Regarding the plan for accepting gift certificate claims, the court stated, “We requested the debtor to prepare measures to protect the rights of holders of Happy Money gift certificates.”
It added, “The debtor will proceed with the gift certificate claim acceptance process on the Happy Money Inc. website, and once the gift certificate claims are received, the holders will be able to receive repayment through the future rehabilitation plan.”
Happy Money gift certificates are currently suspended from use due to the delayed settlement incident involving T-Mef.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
