Court Decides to End TMON Rehabilitation Proceedings... Transition to Oasis Management

"96.5% of Rehabilitation Claims Repaid"
TMON's Rehabilitation Proceedings Began Last September

The court has decided to terminate the rehabilitation proceedings for TMON, which had caused a large-scale settlement delay crisis. This comes about a year after TMON applied for corporate rehabilitation proceedings on July 29 last year. As a result, Oasis Market, a dawn delivery company that acquired TMON, is expected to accelerate its full-scale management of the company.

On August 22, the 3rd Division of Rehabilitation at the Seoul Bankruptcy Court (Presiding Judge Jung Junyoung) announced that it has concluded TMON's corporate rehabilitation proceedings.

The court stated, "TMON has completed repayment of all rehabilitation-secured claims and 96.5% of rehabilitation claims in accordance with the approved rehabilitation plan," adding, "TMON plans to deposit and manage the funds that could not be repaid due to reasons such as account discrepancies in a separate account, and will proceed with repayment accordingly."

Previously, on July 29 last year, TMON filed for the commencement of corporate rehabilitation proceedings with the court, stating, "Due to a large-scale refund crisis and the departure of business partners, we are unable to recover our financial situation on our own."

After the court decided to commence rehabilitation proceedings on September 10 last year, TMON sought a buyer to compensate for damages through a swift sale, pursuing a merger and acquisition (M&A) before the approval of the rehabilitation plan. In March this year, TMON requested that Oasis be selected as the conditional preferred bidder for the pre-approval M&A, and the court designated Oasis as the final preferred bidder.

Although the rehabilitation plan was rejected at the creditors' meeting in June, which was held to review and vote on the plan, due to failure to meet approval requirements, the court subsequently granted compulsory approval of the rehabilitation plan, finalizing Oasis's acquisition of TMON.