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Youngbae Koo, Representative of Qoo10. (Photo=Qoo10) |
[Alpha Biz= Reporter Kim Minyoung] Interpark Commerce, which operates Interpark Shopping and AK Mall, has filed for corporate rehabilitation under the court's self-restructuring support (ARS) program on August 16. This follows the recent filings for corporate rehabilitation by TMON and WEMAKEPRICE, marking the third e-commerce platform under Koo Young-bae’s Qoo10 Group to seek legal protection.
The ARS program allows companies and creditors to negotiate restructuring autonomously while the court suspends mandatory rehabilitation proceedings. Interpark Commerce has faced severe financial difficulties, including delays in settling sales payments and creditor seizures, which have rendered its operations nearly impossible.
The company is seeking court approval to secure approximately 8 billion won in sales payments held by payment gateway providers, out of a total receivable of around 80 billion won. Securing these funds is crucial for resolving outstanding payment issues and stabilizing the company.
The court will first issue a preservation order to freeze Interpark Commerce's assets and liabilities, followed by a hearing to determine ARS approval.
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
