NHN building. (Photo = NHN)

 

[Alpha Biz= Reporter Kim Sangjin] NHN announced on the 27th that its subsidiary, NHN Payco, is facing KRW 130 billion in unrecoverable receivables due to the Tmon and Wemakeprice situation. As a result, NHN Payco has declared an emergency management system.

NHN Payco has already written off KRW 10.2 billion of the receivables as of the end of June. However, it warned that additional bad debt provisions might be needed for receivables deemed unlikely to be recovered. In a corporate rehabilitation case filed by Happy Money Inc. with the Seoul Bankruptcy Court last month, NHN Payco's unrecoverable claims amounted to KRW 87 billion.

In a letter to shareholders, NHN CEO Jung Woo-jin stated, "Payco will continue efforts to recover the receivables while addressing liquidity shortages through borrowing from financial institutions and NHN."

Jung also set a goal for NHN Payco to achieve profitability by 2027 and announced plans to further streamline operations by divesting over 10 additional subsidiaries this year, focusing on eliminating unprofitable ventures.

 

 

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