Court Extends Interpark Commerce Voluntary Restructuring Period by One Month

The court has extended by one month the voluntary restructuring program (ARS) period for Interpark Commerce, a Qoo10 Group affiliate that triggered the 'unsettled payment crisis.'

Seoul Rehabilitation Court in Seocho-gu, Seoul. [Image source=Yonhap News]

The Seoul Bankruptcy Court's Rehabilitation Division 2 (Presiding Judge Byeong-wook Ahn) announced on the 24th that it had extended Interpark Commerce's ARS program period until the 23rd of next month.

The court stated, "The ARS program period has been extended by one month to allow additional time for due diligence related to Interpark Commerce's mergers and acquisitions (M&A) process, as well as for selecting a lead sales agent and preparing negotiations."

The ARS program is a system in which a company autonomously negotiates repayment plans with its creditors. During this period, the rehabilitation procedure is put on hold.

Earlier, Interpark Commerce applied for the commencement of rehabilitation proceedings and the ARS program on the 16th of last month, and the court approved the ARS on the 23rd of last month, granting one month. Interpark Commerce has been experiencing severe financial difficulties after a large-scale unsettled payment crisis involving TMON and WEMAKEPRICE erupted in mid-July, leading to a chain reaction of sellers and customers withdrawing.

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