Timon and Wemakeprice Urged to Enter Rehabilitation Proceedings Due to Unpaid Settlement Crisis… Creditors Oppose Bankruptcy

 

 

 

Creditors affected by Timon and Wemakeprice (Timep)'s unpaid settlement crisis are submitting various opinions to the court regarding the fate of the companies.

Many creditors are in favor of preventing bankruptcy and recovering at least a portion of the unpaid settlements through rehabilitation proceedings, but a significant number of creditors have yet to decide, making it too early to draw a conclusion.

At a meeting held on the 30th of last month, the Seoul Bankruptcy Court decided not to extend the two companies' participation in the Autonomous Restructuring Support (ARS) program.

As a result, the court is expected to collect creditors' opinions and decide whether to initiate rehabilitation proceedings before the Chuseok holiday.

Companies participating in the Creditors' Council have submitted statements in favor of rehabilitation, expressing hopes that if Timon and Wemakeprice return to normal operations through rehabilitation, they might recover at least some of the unpaid settlements.

However, other companies remain skeptical, expressing doubt that the damage can be minimized.

The travel industry has also been heavily impacted.

According to the Financial Supervisory Service, the unpaid settlement amount in the travel industry reaches 79.5 billion won, affecting 287 companies.

Travel industry officials have stated that the outcome will depend on the court's decision, but they also expressed concerns that finding a realistic solution will be difficult.

Consumers have also suffered significantly due to this crisis.

According to the Korea Consumer Agency, about 9,000 customers have filed a collective dispute settlement application, requesting refunds for Timon's travel, lodging, and flight tickets.

출처 : 산경투데이 https://www.sankyungtoday.com

 

https://www.sankyungtoday.com/news/articleView.html?idxno=48080

Timon and Wemakeprice Urged to Enter Rehabilitation Proceedings Due to Unpaid Settlement Crisis… Creditors Oppose Bankruptcy