Interpark Commerce Moves Towards Corporate Restructuring and ARS Program Application – Unsettled Sales Amounts to 55 Billion Won
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| Interpark Commerce is moving forward with an application for corporate restructuring and the Autonomous Restructuring Support (ARS) program |
Interpark Commerce is moving forward with an application for corporate restructuring and the Autonomous Restructuring Support (ARS) program. As a subsidiary of Qoo10 Group, operating AK Mall and Interpark Shopping, the company is dealing with unsettled sales amounting to 55 billion won and plans to seek corporate recovery and normalization through the ARS program.
On August 16, 2024, it was reported that Interpark Commerce is considering applying for corporate restructuring and the Autonomous Restructuring Support (ARS) program. This decision is closely related to the financial difficulties faced by Interpark Commerce, a wholly-owned subsidiary of Qoo10 Group. The company's unsettled sales amount to approximately 55 billion won, with about 8 billion won of this amount tied up in TMON's TMONPG.
Kim Dong-sik, CEO of Interpark Commerce, stated, “We have been preparing the necessary documents for the ARS application since this morning,” and added, “This ARS application is a preliminary step towards a potential sale.” Given that the Seoul Bankruptcy Court has already approved the ARS program for TMON and WEMAKEPRICE, it is anticipated that Interpark Commerce’s application will also be favorably reviewed. The ARS program allows for an extension of the restructuring decision for up to three months to assist in the company’s self-managed resolution of its issues.
If the ARS program is approved, Interpark Commerce will have the opportunity to present its corporate recovery plan at a creditors' meeting. If negotiations proceed smoothly, the corporate restructuring application may be withdrawn. However, if negotiations fail or if creditors holding more than two-thirds of the total debt oppose the ARS process, the court will need to reassess whether to initiate corporate restructuring.
Currently, Interpark Commerce is working with accounting and law firms to develop a self-restructuring plan. This plan includes integrating AK Mall and Interpark Shopping, restructuring its workforce, and reorganizing the company. To date, around 50 employees have opted for voluntary retirement, and further workforce reductions are planned.
Qoo10 Group’s CEO, Koo Young-bae, has reportedly agreed to Interpark Commerce’s corporate restructuring and ARS program application. As Qoo10 Group owns 100% of Interpark Commerce, Koo's approval is crucial for the application. Kim confirmed that Koo agreed to the proposal, stating, “He must consent to the plan of selling the company to an entity capable of normalizing it despite its debt.”
Interpark Commerce’s application for corporate restructuring and the ARS program represents a critical step in overcoming its current financial difficulties and seeking future corporate recovery. It is hoped that the resolution of unsettled sales issues and the ongoing restructuring efforts will lead to positive outcomes for the company’s continued growth and development.
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