Seoul: South Korean grocery delivery platform Oasis Corp. announced that it has acquired full ownership of the e-commerce platform TMON following a court-approved rehabilitation plan that encompassed the acquisition proposal.
According to Yonhap News Agency, TMON entered court receivership in July of the previous year due to extensive delays in payments to its vendors. Subsequently, in October, the Seoul Bankruptcy Court initiated a procedure to find a new owner, appointing EY Hanyoung accounting firm as the lead manager for the process. Oasis emerged as the preliminary bidder under EY Hanyoung's guidance in March.
A company spokesperson revealed that Oasis had entered into an agreement to acquire TMON, contingent upon the acquisition plan receiving approval from both creditors and the court. The court granted approval to Oasis's acquisition of TMON on Friday for 18 billion won (approximately US$13 million).
Oasis has expressed its intention to enhance its online retail operations through this acquisition, while continuing to operate TMON as a separate brand under its corporate umbrella. Established in 2011, Oasis operates Oasis Market, an e-grocery platform renowned for its competitively priced private-label organic produce. The company currently manages 49 offline stores and three logistics centers in the greater Seoul area.
Meanwhile, WeMakePrice, another company that filed for court receivership in July, remains on the market, still seeking a buyer.