Qoo10-owned Interpark Commerce files for restructuring program

Interpark Commerce, another online marketplace owned by cash-strapped Qoo10, filed for a restructuring program with the Seoul Bankruptcy Court on Friday.

A pedestrian walks past a directory board at the Seoul Bankruptcy Court in southern Seoul on May 17. [YONHAP]

Interpark Commerce, another online marketplace owned by cash-strapped Qoo10, filed for a restructuring program with the Seoul Bankruptcy Court on Friday, the company said.

The latest filing came after TMON and WeMakePrice, two imperiled e-commerce platforms of Qoo10, were approved by the court to enter the autonomous restructuring support (ARS) program on Aug. 2.

The ARS program is a preliminary phase before a company enters formal receivership. During the ARS period, court receivership proceedings are suspended for a minimum of one month and up to three months, allowing the company to work out a restructuring plan with its creditors.

Interpark Commerce said in a statement that “Payment delays at WeMakePrice and TMON have been affecting Interpark Commerce’s operation as well, leading to the exit of not only the sellers but also consumers.”

“We are considering various measures [to minimize damage] from securing strategic investments to selling the company, but more time is needed to make any solid progress,” said the company, adding, “We will do our best to resolve the settlement delays and return operation to normalcy.”

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]