Interpark Commerce, which has struggled with a cash crunch due to the fallout from the Tmon·WeMakePrice (T-MEP) crisis, has been declared bankrupt.
The Seoul Bankruptcy Court declared Interpark Commerce bankrupt on the morning of the 16th. It comes about two weeks after the court announced on the 1st that it was terminating Interpark Commerce's rehabilitation proceedings.
Earlier, on the 1st, the court announced its decision to terminate Interpark Commerce's rehabilitation proceedings. The panel said, "It has been clearly revealed that the value of the debtor when liquidating the debtor's business is greater than the value when continuing the business," and noted that there was no submission of a rehabilitation plan by Nov. 13, the deadline set by the court.
Interpark Commerce is an affiliate of Qoo10 Group that operates Interpark Shopping and AK Mall. In July last year, the fallout from Tmon and WeMakePrice's delayed settlement crisis led to an exodus of Interpark Commerce sellers and customers, worsening its cash crunch, and in August the same year it applied for corporate rehabilitation.
The panel set the deadline for filing claims as Feb. 20 next year. The creditors' meeting and claim examination date will be held at the Seoul Bankruptcy Court on Mar. 17 next year. The court appointed attorney Lee Ho-cheon as the bankruptcy trustee responsible for investigating the debtor's assets and fairly distributing them to creditors in the bankruptcy process.