Timeff court-appointed manager: "Sale process started, high possibility"

Post a message in the victim group chat to former employees: "M&A completed, prompt repayment of wages and severance pay"

The court-appointed administrator of TMON and WEMAKEPRICE (Timep) stated that the merger and acquisition (M&A) process has begun and is considered highly likely. They also promised to promptly repay wages and severance pay to retired employees if the sale is successful.

On the 25th, Jo In-cheol, the court-appointed administrator of Timep and former executive director at SC First Bank, sent a message containing this information to retired employees. Administrator Jo said, "As the administrator with authority over the overall management and asset disposition of Timep, I express my regret and sympathy for the economic and social hardships caused by unpaid wages and severance pay to retired employees who had to leave their workplace, which was their livelihood, involuntarily."

Administrator Jo added, "We plan to promptly promote the M&A and sell the company. If successful, the proceeds from the sale will be used as repayment funds to prioritize public claims with preferential repayment rights and unpaid four major social insurance premiums in accordance with rehabilitation-related laws."

He explained that the smooth progress of the rehabilitation process and the success of the M&A are important not only to compensate affected sellers but also to repay unpaid wages and severance pay to retired employees. Administrator Jo stated, "With the approval of the presiding court, we selected Han Young Accounting Corporation as the lead sales agent and began the sales process on the 21st. We judge that the possibility of sale is high."

TMON must submit a rehabilitation plan by December 27 after the creditor claim registration process, and the company aims to promote the M&A before the court approves the rehabilitation plan.

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