Interpark Commerce Extends Voluntary Restructuring Period... "Negotiations Continue"

The court has extended the autonomous restructuring program (ARS) period of Interpark Commerce, which filed for corporate rehabilitation procedures following the 'Timon-Wemakeprice (Timon-Wemakeprice)' incident, by one month.

The Seoul Bankruptcy Court Rehabilitation Division 2 (Presiding Judge An Byeong-wook, Chief Judges Kim Ho-chun and Yang Min-ho) announced on the 23rd that the ARS period for Interpark Commerce has been extended until the 23rd of next month.

The court stated, "Interpark Commerce has continued negotiations with potential investors during the ARS period and has selected a lead sales agent. Currently, due diligence for the merger and acquisition process is underway, and during the extended period, due diligence will be completed and negotiations with acquisition candidates and financial investors will be concretized."

The ARS program is a system in which a company autonomously negotiates repayment plans with creditors. During this period, the rehabilitation procedure is put on hold.

The Seoul Bankruptcy Court had previously extended the ARS period for Interpark Commerce once. Interpark Commerce, an e-commerce platform under the Qoo10 Group like Timon-Wemakeprice, experienced financial difficulties due to a chain exodus of sellers and customers after the large-scale unsettled payment incident of Timon-Wemakeprice in mid-July. It applied for rehabilitation procedures and the ARS program in August.