This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:35 p.m. on Jun. 22, 2026.
Table&Joy, a restaurant reservation and meal voucher distributor that faced a liquidity crunch due to the Tmon·WeMakePrice (T-MEP) turmoil, is being sold. Booheung Company, a mobile gift certificate distributor selected as the prospective acquirer, will invest 450 million won to secure management control of Table&Joy. After failing once to restructure, Table&Joy has avoided liquidation with this deal.
According to the investment banking (IB) industry and according to legal sources on the 22nd, the Seoul Bankruptcy Court recently approved Table&Joy's rehabilitation plan. Under the plan, existing claims will be extinguished once part of the acquisition price is paid in cash. About 8 billion won of rehabilitation claims will be written off. As a result, Table&Joy will be acquired by Booheung Company with its debts cleared.
Founded in 2010, Table&Joy grew by focusing on online restaurant reservations and meal voucher distribution. It had relied on e-commerce platforms such as Tmon and WeMakePrice as key sales channels, but when settlement of sales proceeds was halted amid the so-called "T-MEP turmoil," it faced a liquidity crisis and filed for corporate rehabilitation for the second time in Apr. last year. When it first filed for rehabilitation in Aug. 2024, it attempted a sale via a stalking-horse process, but the effort fell through after failing to find a bidder.
This time, it again used a stalking-horse process, appointing Gwanggyo Accounting Corporation as the sell-side advisor and selecting a preferred buyer before an open competitive bid. In this process, Booheung Company was chosen as the conditional prospective acquirer. The acquisition price is 450 million won, to be funded through a paid-in capital increase in which Booheung Company will acquire all 900,000 new shares (issue price 500 won per share). Of this, about 420 million won, excluding the advisor's fee and the administrator's compensation, will be used to repay rehabilitation claims.
As of the rehabilitation filing base date, Apr. 29 last year, Table&Joy's total assets were about 150 million won and total liabilities were about 8.52 billion won, meaning liabilities exceeded assets by about 8.37 billion won. Rehabilitation claims total 8.34 billion won across roughly 110 creditors, including Industrial Bank of Korea, Woori Card, Seoul Land, and Lotte Tour Development. Given that there was no going-concern value left, creditors effectively chose a path to recoup at least a portion instead of bankruptcy.
The acquirer, Booheung Company, founded in 2019, is a distributor of mobile gift certificates and coupons that has handled e-gift cards and paper gift certificates. According to JOBKOREA, Booheung Company's revenue and operating profit last year were about 44.35 billion won and 185 million won, respectively. The move is seen as aiming for synergy between Table&Joy's core restaurant reservation and meal voucher distribution and Booheung's gift certificate and coupon distribution.
The industry expects Table&Joy to push for a swift normalization of operations following the court's approval of its rehabilitation plan. A legal industry source said, "Recently, if one or two repayments are made in line with the rehabilitation plan, the court closes the rehabilitation proceedings early."