Exclusive
TMON Sends Emails to Partners Regarding July Reopening; Oasis: "Preparatory Process for Acquisition"

[비즈한국] It has been confirmed that TMON, currently undergoing rehabilitation proceedings following a massive payment settlement failure, is preparing for a relaunch. In April, Oasis, which operates the fresh food morning delivery specialist 'Oasis361170 Market', was selected as the acquirer. Attention is focused on whether Oasis, which has maintained financial soundness by turning a profit for over 13 years in the e-commerce industry, can leverage its know-how to revive TMON.

According to industry sources, TMON recently sent emails to some partners notifying them of its reopening plans. In the email, TMON projected a mid-July relaunch and outlined key operational plans for its partners.

Having caused a massive non-payment crisis previously, TMON appears to be focusing on regaining the trust of its partners. The plans announced by TMON cover three main areas: commission policies, settlement methods, and the expansion of direct purchasing and sales channels. To reduce the burden on partners, the company plans to set commission rates lower than the industry average and implement a fast settlement system for smoother cash flow.

What stands out is the strategy regarding direct purchase sales. It was specified that for direct purchase sales, partners can utilize Oasis's logistics warehouses, and through this, partners entering the platform can sell their products not only on TMON but also on Oasis Market.

Oasis stated, "Since the acquisition process is not yet finalized, the reopening date is not set in stone," but added, "If the acquisition is finalized by the end of June, TMON needs to operate normally, so we are making internal preparations."

Oasis is expected to apply its operational know-how to TMON's reopening process. For example, Oasis pays its partners within 20 days, and it intends to apply this settlement system to TMON as well. An Oasis official explained, "Oasis specializes in fresh food, while TMON is an open market, so their natures differ. However, we will utilize Oasis's strengths in direct purchasing and logistics systems. Having achieved 13 consecutive years of profit, we prioritize financial soundness. We will proceed with system maintenance and personnel investment within reasonable limits."

Oasis has rarely remained profitable in the e-commerce industry. Its operating profit slightly decreased from 5.6 billion KRW in 2021 to 4.8 billion KRW in 2022, but increased to 12.7 billion KRW in 2023 and 22.3 billion KRW in 2024. Revenue has also grown steadily, surpassing 500 billion KRW last year. This is why concerns were raised in the market when news broke that Oasis would acquire TMON, a company mired in "heaps of debt."

TMON and WeMakePrice filed for rehabilitation with the court at the end of July 2024, when the massive non-payment crisis erupted. The Seoul Rehabilitation Court implemented an Autonomous Restructuring Support (ARS) program for one month, but determined that autonomous mediation was difficult and decided to commence rehabilitation proceedings on September 10. Once entering rehabilitation, a rehabilitation plan must be established and approved by stakeholders such as creditors and shareholders, and the process ends after assets are liquidated to repay debts.

Oasis decided on the acquisition while TMON's corporate rehabilitation proceedings were underway. Oasis, which joined the bidding for TMON in March, was selected as the final preferred bidder by the Seoul Rehabilitation Court on April 14. The method involves acquiring 100% of TMON's new shares for 11.6 billion KRW. The total acquisition cost, including unpaid wages and severance pay for employees, is known to be 18.1 billion KRW. Additionally, Oasis will guarantee the employment of TMON staff for five years. There are currently about 140 employees remaining at TMON after the non-payment crisis.

TMON submitted its rehabilitation plan to the court on May 22. TMON stated, "The rehabilitation plan aims to coordinate the interests of creditors and others and to reconstruct TMON. We have strived to establish a plan that is fair and equitable to all stakeholders," adding, "We pursued an M&A before the approval of the rehabilitation plan and signed a conditional investment contract with Oasis." The meeting of stakeholders for the deliberation and resolution of the rehabilitation plan is set for June 20.

Currently, Oasis's acquisition of TMON is not yet fully completed. It must obtain consent for the rehabilitation plan from stakeholders, including creditors. According to the plan, TMON and Oasis will inject approximately 10.1 billion KRW for debt repayment out of the 11.6 billion KRW paid for new shares, excluding M&A advisory fees. This accounts for only 0.8% of the total debt of 1.2258 trillion KRW. Due to the very low repayment rate, it remains uncertain whether they will receive consent from the creditor group.

If TMON reopens this July, it will mark the resumption of operations exactly one year after the non-payment crisis occurred. Oasis stated, "We are humbly watching the negotiation process with the creditors," and added, "We aim to normalize TMON through organizational restructuring and make it a profitable platform. Our goal is to cooperate with TMON's employees and existing partners to reopen as quickly as possible."