'Oasis Market on TMON Acquisition: "We Will Fully Comply with Creditors and Court Decisions"'

Oasis Market Expresses Commitment to Legal Responsibility for Unpaid Wages and Employee Benefits at TMON
Promises Industry-Lowest Commission Rates and Next-Day Settlement System to Protect Sellers

Oasis Market, a company specializing in dawn delivery, issued an official statement on the 18th regarding the merger and acquisition (M&A) of TMON, which is currently undergoing corporate rehabilitation proceedings, saying, "We will fully comply with the decisions of the creditors and the court."

Oasis Market Headquarters Building.

TMON is scheduled to hold a meeting of interested parties at the Seoul Bankruptcy Court on the 20th, where the rehabilitation plan submitted to the court last month will be reviewed and voted on. For the rehabilitation plan to be approved, it requires the consent of at least three-quarters of the secured rehabilitation creditors and at least two-thirds of the unsecured rehabilitation creditors.

After being selected as the preferred bidder for the acquisition of TMON on April 14, Oasis Market began restoration efforts to normalize TMON. A representative from Oasis Market stated, "We are working together with the remaining TMON employees to restore various systems within TMON that have collapsed due to prolonged neglect," adding, "We are preparing to resume normal operations with the mindset of rebuilding TMON from the ground up."

In addition to the acquisition price of 11.6 billion KRW, Oasis Market plans to take legal responsibility for TMON's employees by allocating 3 billion KRW for unpaid wages and public interest claims, and 3.5 billion KRW for retirement benefit provisions. To protect sellers, the company plans to implement the industry's lowest commission rates and introduce a 'next-day settlement system after purchase confirmation.'

According to EY Han Young, the lead manager for the sale of TMON, the liquidation dividend rate for general rehabilitation creditors in the event of TMON's bankruptcy is 0.44%. If the process shifts to liquidation, tens of billions of KRW in wages and severance payments may not be paid.

A representative from Oasis Market stated, "We plan to revive TMON, a first-generation e-commerce platform, to expand sales channels for producers in the e-commerce market and enhance consumer welfare." The representative added, "However, during the acquisition process, we will humbly listen to the opinions of various creditors and ultimately comply with the court's final decision."