T-MEP-Creditors, Rehabilitation Procedure Negotiations in Difficulty
The Big Data Committee: “70 companies are at risk after this month”
Timon and WeMakePrice held the first schedule of the Autonomous Restructuring Support (ARS) program, the ‘Rehabilitation Procedure Council’, on the 13th and presented a self-rescue plan. Timon and WeMakePrice proposed a plan to repay small-amount debt first, but creditors who are not included in this plan are strongly opposing it. Ultimately, it seems that the key will be whether the two companies can successfully attract additional investment by the 30th, when the second council is held.
At 3:00 PM on that day, the Seoul Rehabilitation Court held a closed-door rehabilitation procedure council with Timon, WeMakePrice, and members of the creditors’ association. Timon and WeMakePrice presented a self-rescue plan that included △settlement system reform, △personnel restructuring, and △profit structure improvement, and requested cooperation. It is reported that the council reviewed this self-rescue plan and discussed payment and support measures for the affected sellers.
On this day, Timon and WeMakePrice proposed a plan to pay 70-80 billion won to 100,000 small creditors first. However, it is reported that the creditors’ association demanded that the funds be used to normalize the company. This is because if you are not a small creditor, you may lose the opportunity to receive the settlement money. The two companies also proposed a management normalization plan that includes shortening the settlement cycle. They also promised to improve the profit structure by restructuring personnel and reducing expenses such as rent.
The court previously approved the ARS program to halt the rehabilitation process for Timon and WeMakePrice until the 2nd of next month and to seek solutions autonomously with creditors. The meeting held on this day is one of the stages of autonomous consultation through the ARS program. After explaining the normalization plan at the meeting, a letter of intent (LOI) for investment is received and the investment contract is concluded, and the rehabilitation application can be withdrawn with the consent of creditors. After that, repayments are made according to the normalization plan.
T-Map victims ‘Black Umbrella’ rally
Sellers and consumers who suffered damages due to the unsettled sales payments on Quten Group’s e-commerce platforms, including Timon and WeMakePrice, held a rally with black umbrellas in front of Timon’s former headquarters in Gangnam-gu, Seoul on the morning of the 13th. Reporter Shin Won-geon [email protected]
Meanwhile, sellers and consumers who suffered damages on platforms affiliated with Quten gathered in front of the Timon building this morning and held a rally, holding black umbrellas. According to the Timf Victims Sellers Emergency Response Committee (Emergency Response Committee) on this day, about 70 companies responded that they will consider bankruptcy and rehabilitation if cash liquidity is not secured this month. This is 15% of the 484 companies participating in the Emergency Response Committee. The Emergency Response Committee emphasized, “If we do not respond urgently, the number of companies going bankrupt will increase.”
Reporter Lee Min-ah [email protected]
Reporter Choi Mi-song [email protected]
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2024-08-15 07:19:17