[Alpha Biz= Reporter Kim Jisun] NHN announced on the 31st that it will extend a 60 billion KRW loan to its subsidiary, NHN Payco, to support operating funds. This loan, equivalent to 3% of NHN's equity capital, carries an interest rate of 4.6% and will mature on October 30 of next year.

NHN explained that the loan is intended to address liquidity issues faced by NHN Payco due to outstanding receivables. NHN had previously disclosed on September 27 that NHN Payco incurred approximately 130 billion KRW in uncollectible receivables following TMON's payment settlement issues.

This figure includes losses from Happy Money INC’s rehabilitation filing and other claims, such as TMON Cash. Happy Money INC, a gift certificate provider, filed for corporate rehabilitation with the Seoul Rehabilitation Court on August 28, leaving NHN Payco unable to recover about 87 billion KRW in receivables.

NHN clarified that the loan is part of an initial financial support plan previously mentioned by NHN CEO Jung Woo-jin in a shareholder letter on September 27. In this letter, Jung assured shareholders that NHN would work to ensure timely settlement of all transactions linked to Payco, using funds from financial institutions and NHN to alleviate liquidity concerns.

 

 

 

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