Oasis, which operates the fresh food dawn delivery service company Oasis Market, has been selected as the final acquirer of TMON.
The Seoul Bankruptcy Court on the 14th distributed a decision document containing this information and noted that it will determine the final approval through a stakeholder meeting in June.
This acquisition will be conducted through a 100% new share acquisition method, with the acquisition price set at 11.6 billion won. However, considering the unpaid wages and retirement benefit public claims (3 billion won) and retirement benefit liability (3.5 billion won) that Oasis plans to address with additional operational funds, the actual acquisition cost will be about 18.1 billion won. There is also a condition to guarantee employee employment for five years.
The Seoul Bankruptcy Court evaluated Oasis Market, stating, 'As a fresh food dawn delivery company, it has received consumer interest by selling organic and eco-friendly products at reasonable prices. It has also maximized consumer convenience through 'combined packaging' that delivers various products in one box, while taking the lead in being 'eco-friendly' in all areas, including product sourcing and delivery, establishing itself as a leader in the dawn delivery business.'
It added, 'Above all, Oasis Market has pursued optimal logistics efficiency through direct purchasing sales, and is expected to maximize synergy by enhancing the logistics competitiveness of TMON, which has primarily operated as an open market. Oasis plans to normalize the company quickly by repaying rehabilitation claims with the acquisition price upon the approval of the rehabilitation plan and injecting additional operational funds.'
The Seoul Bankruptcy Court will hold a stakeholders meeting in June to review and resolve the rehabilitation plan, provided that the rehabilitation plan is submitted by the 15th of next month, the deadline for submissions. For the rehabilitation plan to be approved, more than three-quarters of the secured creditors and two-thirds of the rehabilitation creditors must agree.
According to a TMON official, if the rehabilitation plan resulting from this merger and acquisition (M&A) is approved, the M&A repayment rate for general rehabilitation claims is expected to be around 0.8%. The liquidation dividend rate for general rehabilitation claims if TMON goes bankrupt is 0.44%.