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Court decides not to extend ARS program for TMON, WeMakePrice
티메프 자율 구조조정 불발 법원 "조만간 회생개시 여부 판단"
TMON and WeMakePrice, the e-commerce platforms operating in Korea and part of the Singapore-based Qoo10, have failed to come up with self-rescue plans that satisfies their creditors.
The Seoul Bankruptcy Court on Friday decided not to extend what's called "autonomous restructuring support," or "ARS" program, which is set to end on Monday.
Under the one-month program, they had been working to secure investors and resolve overdue payments, and had requested an extension.
The court stated that it will soon decide whether to begin rehabilitation procedures, with an announcement expected as early as next week.
If the request is denied, the companies are likely to go bankruptcy.
#TMON #WeMakePrice #ARS_program #Seoul_Bankruptcy_Court #티메프 #티몬 #위메프 #Arirang_News #아리랑뉴스
Facebook : https://www.facebook.com/arirangtvnews
Twitter : https://twitter.com/arirangtvnews
Homepage : https://arirang.com/
2024-08-30, 21:00 (KST)
Chaos as TMON, Wemakeprice fail to pay sellers, give refunds to customers
티몬•위메프, 여행상품 줄취소, 카드거래도 막혀, 본사 수백 명 방문항의
Delays in payments to sellers by two popular e-commerce platforms have led to unilateral cancellations of purchased products for customers who in turn are facing challenges in securing refunds.
Kim Jung-sil explains.
When it fell, it fell fast.
The 4th and 5th largest e-commerce retailers in the country, TMON, and Wemakeprice, both subsidiaries of Singapore-based platform Qoo-10, are making headlines for payment delays and being unable to give refunds to customers.
TMON's headquarters in Gangnam has its windows covered with blinds and few people are going in and out of the building.
Hundreds of customers visited the headquarters of TMON and Wemakeprice as the news made headlines since Wednesday over the payment crisis.
TMON and Wemakeprice make their money by enlisting sellers such as travel agencies on their websites.
Through advertising, promotions and discounts, and the ease of being able to compare similar products at once, they attract customers who pay for those products through TMON and Wemakeprice, rather than paying the seller directly.
The websites then take a commission and give payments to sellers the following month.
Payments for transactions in June were due by mid-July, but sellers are still yet to receive those payments.
Since credit card transactions are blocked, anyone who made purchases through their credit card, must contact the retailers directly and ask for refunds.
The news broke out as customers shared their experience online of canceled plane tickets and tour packages as the holiday season approached.
TMON stated that it aims to get operations back to normal as quickly as possible.
The Wemakeprice CEO also came to the headquarters early Thursday and promised refunds.
As of last month, TMON, Wemakeprice, and other Qoo10 subsidiaries had a combined total of 9 million users.
Industry experts estimate that the damage will exceed 100 billion won or about 72 million U.S. dollars.
As the incident severely affects citizens , Finance Minister Choi Sang-mok on Thursday instructed relevant agencies to closely examine the situation and asked officials to make every effort to protect customers and prevent further damage to sellers.
Kim Jung-sil, Arirang News.
#TMON #Wemakeprice #Ecommerce #payment_delay #티몬 #위메프 #Arirang_News #아리랑뉴스
Facebook : https://www.facebook.com/arirangtvnews
Twitter : https://twitter.com/arirangtvnews
Homepage : https://arirang.com/
2024-07-25, 14:00 (KST)
Court approves TMON, WeMakePrice's ARS program request
티몬•위메프 ‘자율 구조조정 지원’ 승인 법원, 회생 개시 한 달 보류
The Seoul Bankruptcy Court approved, on Friday, TMON and WeMakePrice's request to enter an autonomous restructuring support, or ARS, program.
Under the ARS program, the court will appoint an external expert or firm approved by the companies and creditors to help them negotiate a debt restructuring plan, without a formal court receivership.
The decision comes after the e-commerce platforms of Singapore-based Qoo10 filed for receivership and the ARS program on Monday.
The court is giving them until September 2nd to come up with a plan and will delay the receivership process until then.
The process can be delayed for up to three months,.. and if an agreement is reached within this period, the application for receivership can be withdrawn.
#TMON #WeMakePrice #Seoul_Bankruptcy_Court #ARS_program #티몬 #위메프 #Arirang_News #아리랑뉴스
Facebook : https://www.facebook.com/arirangtvnews
Twitter : https://twitter.com/arirangtvnews
Homepage : https://arirang.com/
2024-08-02, 21:00 (KST)
티메프 자율 구조조정 불발 법원 "조만간 회생개시 여부 판단"
TMON and WeMakePrice, the e-commerce platforms operating in Korea and part of the Singapore-based Qoo10, have failed to come up with self-rescue plans that satisfies their creditors.
The Seoul Bankruptcy Court on Friday decided not to extend what's called "autonomous restructuring support," or "ARS" program, which is set to end on Monday.
Under the one-month program, they had been working to secure investors and resolve overdue payments, and had requested an extension.
The court stated that it will soon decide whether to begin rehabilitation procedures, with an announcement expected as early as next week.
If the request is denied, the companies are likely to go bankruptcy.
#TMON #WeMakePrice #ARS_program #Seoul_Bankruptcy_Court #티메프 #티몬 #위메프 #Arirang_News #아리랑뉴스
Facebook : https://www.facebook.com/arirangtvnews
Twitter : https://twitter.com/arirangtvnews
Homepage : https://arirang.com/
2024-08-30, 21:00 (KST)
Chaos as TMON, Wemakeprice fail to pay sellers, give refunds to customers
티몬•위메프, 여행상품 줄취소, 카드거래도 막혀, 본사 수백 명 방문항의
Delays in payments to sellers by two popular e-commerce platforms have led to unilateral cancellations of purchased products for customers who in turn are facing challenges in securing refunds.
Kim Jung-sil explains.
When it fell, it fell fast.
The 4th and 5th largest e-commerce retailers in the country, TMON, and Wemakeprice, both subsidiaries of Singapore-based platform Qoo-10, are making headlines for payment delays and being unable to give refunds to customers.
TMON's headquarters in Gangnam has its windows covered with blinds and few people are going in and out of the building.
Hundreds of customers visited the headquarters of TMON and Wemakeprice as the news made headlines since Wednesday over the payment crisis.
TMON and Wemakeprice make their money by enlisting sellers such as travel agencies on their websites.
Through advertising, promotions and discounts, and the ease of being able to compare similar products at once, they attract customers who pay for those products through TMON and Wemakeprice, rather than paying the seller directly.
The websites then take a commission and give payments to sellers the following month.
Payments for transactions in June were due by mid-July, but sellers are still yet to receive those payments.
Since credit card transactions are blocked, anyone who made purchases through their credit card, must contact the retailers directly and ask for refunds.
The news broke out as customers shared their experience online of canceled plane tickets and tour packages as the holiday season approached.
TMON stated that it aims to get operations back to normal as quickly as possible.
The Wemakeprice CEO also came to the headquarters early Thursday and promised refunds.
As of last month, TMON, Wemakeprice, and other Qoo10 subsidiaries had a combined total of 9 million users.
Industry experts estimate that the damage will exceed 100 billion won or about 72 million U.S. dollars.
As the incident severely affects citizens , Finance Minister Choi Sang-mok on Thursday instructed relevant agencies to closely examine the situation and asked officials to make every effort to protect customers and prevent further damage to sellers.
Kim Jung-sil, Arirang News.
#TMON #Wemakeprice #Ecommerce #payment_delay #티몬 #위메프 #Arirang_News #아리랑뉴스
Facebook : https://www.facebook.com/arirangtvnews
Twitter : https://twitter.com/arirangtvnews
Homepage : https://arirang.com/
2024-07-25, 14:00 (KST)
Court approves TMON, WeMakePrice's ARS program request
티몬•위메프 ‘자율 구조조정 지원’ 승인 법원, 회생 개시 한 달 보류
The Seoul Bankruptcy Court approved, on Friday, TMON and WeMakePrice's request to enter an autonomous restructuring support, or ARS, program.
Under the ARS program, the court will appoint an external expert or firm approved by the companies and creditors to help them negotiate a debt restructuring plan, without a formal court receivership.
The decision comes after the e-commerce platforms of Singapore-based Qoo10 filed for receivership and the ARS program on Monday.
The court is giving them until September 2nd to come up with a plan and will delay the receivership process until then.
The process can be delayed for up to three months,.. and if an agreement is reached within this period, the application for receivership can be withdrawn.
#TMON #WeMakePrice #Seoul_Bankruptcy_Court #ARS_program #티몬 #위메프 #Arirang_News #아리랑뉴스
Facebook : https://www.facebook.com/arirangtvnews
Twitter : https://twitter.com/arirangtvnews
Homepage : https://arirang.com/
2024-08-02, 21:00 (KST)
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