TMON and WeMakePrice, e-commerce platforms of the Singapore-based Qoo10, filed for court receivership Monday, officials said, amid continuing liquidity woes due to the firms’ delays in repaying vendors operating on their platforms.
The two South Korean marketplaces have been in crisis after failing to make payments to their vendors amid the liquidity issues of their owner, Qoo10, reportedly due to aggressive merger deals.
Their unpaid bills came to around 210 billion won (US$151.7 million), and it is feared the amount will grow bigger, according to the government officials.
The platforms filed for court receivership with the Seoul Bankruptcy Court, and the court is expected to take about a week to determine whether to accept the request.
Source: Yonhap News Agency