The chief executive of TMON said Wednesday the beleaguered e-commerce platform has been in talks for a merger and plans to resume its operations next month.

TMON Chief Executive Ryu Kwang-jin made the remarks a day after a Seoul court granted a rehabilitation process for TMON and WeMakePrice, owned by Singapore-based Qoo10 Group.

TMON and WeMakePrice faced a liquidity crisis over delayed payments for its vendors, prompting the South Korean government to provide financial support to the vendors.

The court will decide on whether to approve the rehabilitation program for TMON after reviewing its self-help plans. TMON could go bankrupt if the court finds excessive debts and default of payment.

“We are targeting to complete the M and A plan to find an investor (in TMON) before the court approves the company’s rehabilitation program. We are in talks with two companies for the M and A deal,” Ryu said.

TMON is also preparing its transaction settlement system to resume sales through its online marketplaces next
month, Ryu said.

Source: Yonhap News Agency