Tmon Rehabilitation Plan Compulsorily Approved on the 23rd... Acquisition Confirmed
"Oasis Market to Revive Tmon and Demonstrate the Strength of a Homegrown Platform"
Tmon, which had faced the risk of liquidation, has been officially acquired by the early-morning delivery company Oasis Market. This comes after the court forcibly approved Tmon's rehabilitation plan. Oasis stated, "We will do our utmost to normalize Tmon's operations."
On June 23, the Seoul Bankruptcy Court announced that it had forcibly approved Tmon's rehabilitation plan, stating, "We have established protective provisions for the rights of commercial creditors (small and medium-sized businesses and consumers) and decided on the compulsory approval for the benefit of rehabilitation creditors."
The court explained, "Even though the rehabilitation plan was rejected because it did not obtain the statutory majority consent from the class of commercial creditors, compulsory approval is in the best interests of the rehabilitation secured creditors, rehabilitation creditors, employees, and all stakeholders." The court also cited the following reasons: adherence to the principle of guaranteeing liquidation value; more than half (59.47%) of rehabilitation creditors agreed to the plan; the full payment of the acquisition price, which makes the execution of the plan highly feasible; and the fact that it helps protect employee jobs.
Previously, about eight months after the commencement of corporate rehabilitation proceedings, Tmon submitted its rehabilitation plan to the court on May 22. The plan included the repayment of Tmon's debts using the 11.6 billion won acquisition payment from the final acquirer, Oasis Market. However, at the creditors' meeting held on June 20, the plan failed to meet the approval requirements and was rejected once.
With the compulsory approval of the rehabilitation plan confirming the acquisition, an Oasis Market official stated, "Since there are creditors who did not consent, we must be cautious with every word," but added, "Now that the acquisition is confirmed, we plan to focus on normalizing Tmon's operations."
Going forward, Oasis Market plans to support sellers who have suffered losses by introducing the industry's lowest commission rates and a next-day settlement system after purchase confirmation. In addition, the company will inject additional resources to secure employee salaries and operating expenses, and will do its utmost to ensure job stability and the normalization of the company.
Tmon's operational direction is to maintain its own brand and rebuild, without a physical merger with Oasis Market. The company plans to revitalize its previously strong open market business, and operate a new business model that combines Tmon's unique product offerings with a "fast delivery service."
An Oasis official explained, "Oasis Market's acquisition of Tmon began out of concern over the ongoing targeting of the Korean e-commerce market by large-scale foreign capital. If Tmon, a first-generation e-commerce pioneer, is successfully rehabilitated, it will serve as a symbolic example of the strength of a homegrown platform."
The official added, "Currently, the e-commerce market is being concentrated into a few large platforms, reducing the choices available to both consumers and sellers. Oasis Market believes that healthy market culture can only be established if new alternatives continue to emerge through fair competition, and Tmon can be such an alternative."
Oasis stated that the exact timing for Tmon's business resumption and specific operational plans will be announced at a later date.
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