Tmon and WeMakePrice have initiated corporate rehabilitation procedures due to financial difficulties, leading the court to take emergency measures to freeze their assets and liabilities.
On the 30th, the 2nd Division of Rehabilitation at the Seoul Bankruptcy Court issued preservation orders and a comprehensive ban.
The preservation orders are measures taken to prevent companies from arbitrarily disposing of their assets or preferentially repaying specific creditors. As a result, Tmon and WeMakePrice cannot make important managerial decisions, such as hiring new employees or disposing of assets, without court approval.
On the other hand, the comprehensive ban prevents creditors from securing the company's key assets through actions like forced execution, provisional seizure, or auction before the commencement of rehabilitation. This measure is taken when the individual exercise of creditors' rights might hinder the progress of the rehabilitation process.
The court plans to schedule a hearing within this week to determine whether to commence the rehabilitation process. The hearing, to be held privately, is expected to be attended by the CEOs of Tmon and WeMakePrice.
Typically, the decision to commence rehabilitation is made within a month. However, since Tmon and WeMakePrice have applied for the Autonomous Restructuring Support (ARS) program, the decision could be delayed by up to three months.
The ARS program is a system where companies and creditors voluntarily negotiate to minimize damage and seek repayment plans. If a smooth agreement is reached, the application for the commencement of rehabilitation proceedings may be withdrawn.
Tmon and WeMakePrice have expressed their commitment to normalizing their business operations through this rehabilitation process and to doing their best to ensure that customers are not adversely affected.
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Tmon and WeMakePrice have begun corporate rehabilitation procedures, and the court has taken measures to freeze their assets and
Tmon and WeMakePrice have initiated corporate rehabilitation procedures due to financial difficulties, leading the court to take emergency measures to freeze t
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