Oasis acquires TMON after court-approved rehabilitation

South Korean grocery delivery platform Oasis Corp. said Monday it has acquired full ownership of e-commerce platform TMON after a court approved its rehabilitation plan, which included the acquisition proposal.

TMON filed for court receivership in July last year following widespread delays in payments to vendors using its platform.

In October, the Seoul Bankruptcy Court approved a process to find a new owner and appointed EY Hanyoung accounting firm as the lead manager. In March, EY Hanyoung selected Oasis as the preliminary bidder.

“Oasis had signed an agreement to acquire TMON if the acquisition plan is accepted by creditors and approved by the court,” a company spokesperson said.

On Friday, the court approved Oasis’s acquisition of TMON for 18 billion won (US$13 million), he added.

Oasis said it plans to strengthen its online retail business through the acquisition while operating TMON as a separate brand under its umbrella.

Founded in 2011, Oasis operates Oasis Market, an e-grocery platform known for its competitively priced private-label organic produce. It currently runs 49 offline stores and three logistics centers in the greater Seoul area.

Meanwhile, WeMakePrice, which also filed for court receivership in July, remains up for sale and has yet to find a buyer.