Court Decides to Commence Rehabilitation Proceedings for Interpark Commerce

The court has decided to commence the rehabilitation proceedings requested by Interpark Commerce, which filed for corporate rehabilitation following the ‘Timef (Timon·Wemakeprice)’ incident.

On the 29th, the Seoul Rehabilitation Court, Rehabilitation Division 2 (Presiding Judge Byeongwook Ahn) announced that it approved the rehabilitation proceedings applied for by Interpark Commerce in August. The deadline for submitting the rehabilitation plan is March 14 of next year.

Interpark Commerce has been negotiating with potential investors during the Autonomous Restructuring Program (ARS) period. With the court’s approval, it selected Samjong Accounting Corporation as the sales agent and conducted due diligence for the merger and acquisition (M&A) process, securing potential acquisition candidates.

The court stated, “During the ARS period, Interpark Commerce directly signed contracts with a U.S. company specializing in distributing premium brand products from the U.S. and Europe, thereby establishing a global supply chain. This appears to send a positive signal to potential investors and shows efforts to successfully proceed with the rehabilitation process.”

Kim Dongsik, the current CEO, will be appointed as the administrator. Interpark Commerce must submit a list of creditors by the 27th of next month. The creditor claim filing period is until January 10 of next year. Once Interpark Commerce submits the list of creditors, the rehabilitation claims, rehabilitation secured claims, and shareholder/investor equity listed on the list will be deemed to have been filed within the claim period, so creditors do not need to file claims separately.

Anjin Accounting Corporation will serve as the investigation committee. The deadline for submitting the investigation report is February 14 of next year.

Earlier, Interpark Commerce applied for the commencement of rehabilitation proceedings and the ARS program in August. After the large-scale unsettled payment incident involving Timon and Wemakeprice in mid-July, Interpark Commerce suffered severe financial difficulties as sellers and customers sequentially withdrew.

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