Timonet-Creditor Voluntary Restructuring Underway... Court Grants One Month

Rehabilitation Procedure Consultation Meeting to be Held on the 13th

The court approved the Self-Restructuring Support (ARS) program applied for by TMON and WEMAKEPRICE, which caused the settlement delay incident, on the 2nd.

The Seoul Bankruptcy Court, Rehabilitation Division 2 (Presiding Judge An Byeong-wook, Chief Judges Kim Ho-chun and Yang Min-ho) approved the ARS program applied for by the two companies on the same day. The court decided to grant one month initially for voluntary negotiations between the companies and creditors. During this period, the rehabilitation procedure will be suspended. The suspension period can be extended in one-month increments up to a maximum of three months.

Ryu Kwang-jin, CEO of TMON, is attending a hearing held at the Seoul Bankruptcy Court in Seocho-gu, Seoul on the 2nd. The court plans to review the reasons for the rehabilitation applications of TMON and WEMAKEPRICE, their debt status, and funding plans. Photo by Jo Yong-jun jun21@

Along with the ARS program, the court will hold a 'Rehabilitation Procedure Council' including government agencies and related organizations on the 13th to protect and support small business owners, who are creditors in this case, as much as possible.

If a consensus is reached, a 'voluntary agreement' will be signed, allowing the companies to avoid the court-mandated rehabilitation procedure.

However, if negotiations fail, the court will make the final decision on whether to commence the rehabilitation procedure.

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