Affected sellers say, “Very low feasibility”
TMON side to submit separate restructuring plan to court,
A citizen passing by in front of TMON headquarters in Gangnam-gu, Seoul on the morning of the 11th. 2024.8.11. News1, ‘Cute 58, CEO of Cuten, the parent company of TMON and WEMEP, announced a plan to create a new corporation by merging the two platforms, which the victims oppose as “responsibility avoidance.” In addition, it is expected that TMON and WEMEP will soon submit a restructuring plan to the court.’,
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, ‘On the 12th, the Emergency Measures Committee for TMON affected sellers criticized the plan to establish a new corporation called ‘KCCW’ by Cute, stating, “The feasibility of the plan is very low, and it raises doubts as a responsibility avoidance plan to cover many suspicions.”‘,
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, ‘Earlier, Cute announced on the 8th that he would establish a new corporation called KCCW (K-Commerce Center for World) for the merger of TMON and WEMEP, with an initial capital investment of 999,990,000 won.’,
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, ‘According to Cute, Cute plans to reduce TMON and WEMEP’s shareholdings by 100% for the merger corporation and entrust all of his 38% Cuten shares to the new corporation. The plan is to expand KCCW as a global commerce platform and promote business normalization by allowing sellers to participate in the form of a shareholder association.’,
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, ‘The Emergency Measures Committee stated, “Currently, Cute is under investigation for misappropriation of funds and has seriously damaged trust due to opaque fund management, including diverting TMON sellers’ settlement funds to Wish, a subsidiary.” Additionally, the committee added, “If Cute wants to demonstrate sincerity in establishing the new corporation, he must transparently disclose all assets, including complete financial assets such as Cuten Group.”‘,
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, ‘Furthermore, they urged, “All assets, including Cute’s shares, should be donated to TMON to ensure proper settlement of sales funds and consumer refunds, and should be used as operational assets of the KCCW new corporation.” They also called for the announcement of a precise plan for the unsettled amount and gained sufficient consensus through meetings with the victims before implementation.’,
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, ‘Prior to the corporate restructuring process, TMON and WEMEP, which are following the court’s autonomous restructuring support (ARS) program, are expected to submit a restructuring plan to the court containing plans for new investment attraction, acquisition and merger, and restructuring. The ARS program is a crucial step before the corporate restructuring process, as negotiations between TMON as the debtor and creditors are important. On the 13th, a restructuring meeting involving government agencies and creditors will be held for the first time. Creditors will be presented with specific restructuring plan details for discussion.’,