A court has ended Interpark Commerce’s rehabilitation procedure. It found the firm’s liquidation value exceeds its value as a going concern.
According to the industry on December 2, the Seoul Rehabilitation Court’s Division 3 said the company failed to submit a rehabilitation plan by the November 13 deadline and that the superiority of its liquidation value is clear. It said it will end the rehabilitation procedure.
Interpark Commerce has been under court management with Wemakeprice after failing to find a buyer. If the decision becomes final, the court will review whether the company should be declared bankrupt.
Wemakeprice was declared bankrupt last month after failing to recover from an unsettled payment incident involving 520,000 people and about 1.5 trillion won. Tmon ended its rehabilitation after being acquired by Oasis, but Wemakeprice and Interpark Commerce did not secure new owners.
Seulgi Son
sageson@d-today.co.kr