Asia Tech Wire (Aug 9) -- TMON and Wemakeprice, two major Korean e-commerce platforms under Singapore-based firm Qoo10, may submit self-help plans to a bankruptcy court next week to resolve the payment delays, according to Yonhap News Agency.

The two e-commerce units plan to submit their self-rescue plans to the Seoul Rehabilitation Court on July 12, with specific measures including attracting new investment, promoting mergers and acquisitions and restructuring, the report said, citing legal sources on Friday.

They had originally planned to submit the self-help plans this week, but they are facing difficulties in finding acquirers and investors, so it may also take longer.

A consultation meeting on the bankruptcy process involving relevant government departments and creditor groups will take place for the first time on July 13, at which time the debtors are due to disclose the details of their self-rescue plans to creditors.

Qoo10 had previously called in accounts payable from Wemakeprice and TMON as it overexpanded its business, leading to liquidity difficulties and massive arrears at its subsidiaries.