This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:14 p.m. on Apr. 22, 2026.
After the Tmon·WeMakePrice (T-MEP) crisis triggered a liquidity crunch, TableEnjoy, a company that distributes restaurant reservations and meal vouchers, is making another bid for rehabilitation. TableEnjoy attempted rehabilitation two years ago but came to the brink of bankruptcy after failing to find a buyer.
According to the investment banking (IB) industry and according to legal sources on the 22nd, TableEnjoy reapplied the previous day to the Seoul Bankruptcy Court to commence rehabilitation proceedings. The first hearing is scheduled for the 23rd.
TableEnjoy's creditors number about 110, including Industrial Bank of Korea, Woori Card, Seoul Land, and Lotte Tour Development. As of the administrator's report at the time, asset was about 710 million won and liability was about 8.2 billion won.
Founded in 2010, TableEnjoy grew by focusing on online restaurant reservations and meal voucher distribution. It had used e-commerce platforms such as Tmon and WeMakePrice as major sales channels, but it faced a liquidity crisis when settlement of sales proceeds was halted in the so-called "T-MEP crisis."
Afterward, TableEnjoy applied for rehabilitation in Aug. 2024 and pursued a sale through a stalking-horse process, but it failed to find a new owner. It is said that no buyer emerged because of the perception that TableEnjoy's business foundation had been severely damaged. Partner restaurants began refusing to accept meal vouchers sold by TableEnjoy to consumers, and refund requests from consumers surged.
With TableEnjoy making another attempt at rehabilitation, the industry is watching to see whether a sale will go through this time. Because there is still potential to utilize some business asset such as platform and reservation data, some say a strategic investor (SI) could generate synergy if it acquires the company.
A legal source said, "Given that the company reapplied for rehabilitation on the brink of bankruptcy, there is a possibility that this time management has reached some degree of prior agreement with creditors or found a potential buyer." Otherwise, it would have been difficult to attempt rehabilitation again after one failure.
Another legal source explained, "A reapplication for rehabilitation proceedings generally is not made on the same terms as before," adding, "That is because the court applies a stricter standard when deciding whether to commence (rehabilitation) for a corporations that has already failed once."
Some think there is also a chance that TableEnjoy will fail again at rehabilitation. As of 2024, TableEnjoy's liquidation value was about 640 million won, and its going-concern value was minus 3.2 billion won. It is also a burden that its parent company, HappyMoney Inc., which holds 57.4% equity, eventually entered liquidation proceedings.