Seoul Court Approves TMON's Rehabilitation Plan, Oasis to Acquire Company
On June 23, 2025, the Seoul Bankruptcy Court announced that it has approved the rehabilitation plan for TMON, an online shopping platform that has been undergoing corporate rehabilitation since a significant settlement issue arose last July. As a result of this decision, Oasis, a company specializing in early morning delivery of fresh produce, will acquire TMON.
The court's third division, presided over by Chief Judge Jeong Jun-young, stated, "We have decided to enforce the approval of TMON's rehabilitation plan." This enforcement approval allows the court to sanction a rehabilitation plan even if it has been rejected by creditors during legal proceedings. Just three days prior, on June 20, TMON's rehabilitation plan was voted down at a creditors' meeting.
The court explained that more than half of the total voting rights of rehabilitation creditors agreed to the plan, and that the acquisition funds had already been fully paid through a merger and acquisition (M&A) process prior to the approval of the rehabilitation plan. This indicates a high likelihood of successful implementation of the plan, which is in the best interest of secured creditors, rehabilitation creditors, employees, and all other stakeholders.
The rehabilitation plan submitted by TMON on May 22 includes a repayment plan for creditors using the acquisition funds of 11.6 billion KRW from Oasis. For the plan to pass, it requires the consent of at least 75% of secured creditors and 66% of rehabilitation creditors. During the recent meeting, while 100% of secured creditors agreed, the approval rate among rehabilitation creditors fell short of the required threshold. The court had previously categorized creditors into two groups: commercial creditors, consisting of small businesses and consumers, and general rehabilitation creditors. Among general rehabilitation creditors, 82.2% were in favor, but only 43.5% of commercial creditors agreed.
In April, Oasis was selected as the final acquirer of TMON.
What do you think?
0 reactions
