Interpark Commerce, an affiliate of Qoo10 Group that drew controversy last year over a large-scale unsettled payment scandal, has effectively entered bankruptcy proceedings.
The Rehabilitation Division 3 of the Seoul Bankruptcy Court (Presiding Judge Jeong Jun-young) on the 1st decided to terminate rehabilitation proceedings for Interpark Commerce and announced the decision. The bench 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 "there was no submission of a rehabilitation plan by Nov. 13, the deadline set by the court."
Interpark Commerce is an e-commerce company that operates Interpark Shopping and AK Mall, and is an affiliate of Qoo10 Group along with T-MEP (Tmon·WEMAKEPRICE INC.). After a large-scale refund situation erupted in July last year when T-MEP failed to settle sales proceeds, it fell into a cash crunch as sellers and customers left.
Interpark Commerce applied to the court in August for the commencement of rehabilitation proceedings and an autonomous restructuring support program (ARS), and rehabilitation began in November. However, as it failed to find a suitable acquirer, the rehabilitation proceedings were ultimately terminated. The court can, ex officio, issue a bankruptcy declaration for corporations whose rehabilitation has been terminated.
Earlier, on the 10th of last month, the court declared bankruptcy for WEMAKEPRICE INC.. Tmon was recently acquired by Oasis, a company specializing in early-morning delivery of fresh foods, has repaid most of its claims, and is preparing to resume operations.