TMON, the e-commerce (electronic commerce) company acquired by OASIS, a dawn delivery specialist corporations, has been unable to resume service for a fourth month. Implementation of the court-approved rehabilitation plan has stalled at the "creditor repayment" stage, and recovery of contingent gains intended for related funds does not appear to be proceeding smoothly.
According to a document obtained by ChosunBiz titled "Status of realizing contingent gains under the TMON rehabilitation plan" on the 31st, TMON received 1.4 billion won as a contingent gain dividend from NH NongHyup Bank on the 1st. Contingent gains are funds raised through unexpected income or recovery of unsettled amounts that arise during rehabilitation proceedings. This 1.4 billion won was the first contingent gain recovery since the Seoul Bankruptcy Court approved TMON's rehabilitation plan in Jun. Following an order of recommendation for settlement issued by the Seoul Bankruptcy Court to TMON and NongHyup Bank on Aug. 4, the payment was made.
Some contingent gains from PG (payment gateway) companies have also been recovered. According to the document, the contingent gains TMON is to receive from PG firms total 2,038.47 million won. Of this, 1,631.83 million won has been recovered from two companies, including KGINICIS and Hecto Financial. Meanwhile, three companies—Kakao Pay, HN Payco, and Galaxia Moneytree—have not yet paid the contingent gains, citing reasons such as settlement holds, review of details, and ongoing discussions.
An OASIS official said, "Contingent gains are used in full as funds to repay creditors. As they are executed in accordance with the procedures specified in the rehabilitation plan, they are not operating funds that TMON can use at its discretion."
In this situation, recovery of contingent gains from the liquidation of Qoo10's Singapore headquarters remains unconfirmed. The Singapore court issued a liquidation order against Qoo10 in Nov. last year, and proceedings are underway, but neither the confirmed recovery amount nor the timing of possible dividends has been set.
The settlement amount (claim amount) that TMON is to receive from Qoo10 is about 28.8 billion won. This amount originally arose as unpaid settlements in the course of transactions, but under rehabilitation procedures, once incorporated as funds for creditor repayment, it is treated as contingent gains. If recovery is delayed, creditor repayment will also be delayed.
Typically, distribution of contingent gains occurs within one year from the date the total amount is confirmed. The rehabilitation court set TMON's timing for dividend and repayment of contingent gains as Jul. 23, 2026, based on Jun. 23, the date the rehabilitation plan was approved.
A TMON creditors' council official said, "Legally, rehabilitation has ended, but the key recoverable assets have not yet been secured. Repayment to general creditors is extremely minimal." An e-commerce industry official said, "Contingent gains are funds for creditor repayment, but the longer recovery takes, the more it will also affect normalization of TMON's management."
In fact, the timing for TMON to resume service remains unclear. OASIS has pushed to reopen TMON after the acquisition, but reopening has been delayed even now, four months later. An OASIS official said, "Our intent to reopen TMON is firm. However, procedural requirements remain, so it is difficult to fix the timing."