'Timon and Wemakeprice File for Corporate Rehabilitation Due to "Payment Delay Crisis" (Update)'

Court Reviews Application to Decide on Rehabilitation
Concerns Over Seller Damage if Partial Debt Forgiveness Occurs

Tmon and Wemakeprice, which are experiencing a large-scale settlement delay crisis, have filed for corporate rehabilitation with the court.

On the 29th, Tmon and Wemakeprice submitted such applications to the Seoul Bankruptcy Court. The applications submitted by the two companies will be reviewed by the court. This process usually takes about a week.

They are applying for preservation orders and comprehensive injunctions, and the court will decide based on whether the applying company has public interest value, among other factors.

On the 29th, as the 'Unsettled Sales Payment Incident' of Wemakeprice and TMON continues, citizens are passing by in front of the TMON building in Gangnam-gu, Seoul. Photo by Jo Yongjun jun21@

If a property preservation order is issued, there will be no need to repay existing debts except for wages and taxes. The comprehensive injunction freezes all claims until the court decides to commence court receivership.

If the companies enter corporate rehabilitation procedures and receive partial debt forgiveness, there may ultimately be sellers who do not receive large sums of settlement payments.

The government estimates the current unsettled amount owed to sellers by the two companies to be about 210 billion won. This amount was unsettled as of May. Considering that Tmon and Wemakeprice had a settlement cycle of about two months, the sales from last month and this month will sequentially become unsettled amounts.

Industry insiders estimate that the unsettled amount for June for Tmon and Wemakeprice could be around 500 billion to 600 billion won, and when adding the seller settlement payments of other affiliates such as Qoo10 and Wish, the total could exceed 1 trillion won.

This content was produced with the assistance of AI translation services.