'Court-Managed' Ballan Selects Samil PwC as Lead Manager for Sale

Pursuing the "Stalking Horse" Method

Ballan, the online luxury platform currently undergoing corporate rehabilitation proceedings, has initiated a merger and acquisition (M&A) process. On May 9, Ballan announced that it had received approval from the Seoul Bankruptcy Court and selected Samil PwC as the lead manager for the M&A.

The company will proceed with the M&A process for six months in accordance with the court-approved procedure, with the possibility of extending the deadline if necessary. The sale will be conducted using the "stalking horse" method, which involves designating a preferred negotiating party in advance while simultaneously conducting a general bidding process.

Luxury online platform Ballan has filed for corporate rehabilitation proceedings (court receivership) at the Seoul Bankruptcy Court. On the first day of last month, a notice reading "All Ballan employees working from home" was placed in the lobby of the shared office where Ballan's headquarters is located in Gangnam-gu, Seoul. Photo by Yonhap News

On April 11, Ballan applied to pursue an M&A before the approval of its rehabilitation plan, and the court granted approval on April 17.

A representative from Ballan stated, "Pursuing an M&A will serve as a crucial turning point for normalizing management and securing business stability," adding, "We will strive to resolve current issues such as early repayment of transaction-related claims to partner companies and ensuring job security for our employees."

The deadline for submitting the rehabilitation plan is June 27.

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