Watcha Extends Bankruptcy Plan Deadline to July 16 as South Korea's First OTT Seeks Buyer

According to Maeil Gyeongje, Watcha, South Korea's first-generation homegrown streaming service, extended its rehabilitation plan submission deadline to July 16 after initial public auction efforts failed. The company had previously received acquisition inquiries from media firms including CJ ENM in April but withdrew from public bidding when CJ ENM declined to participate in final bidding, shifting to private negotiations instead. If Watcha fails to identify a suitable buyer by the deadline, the Seoul Rehabilitation Court may decide to terminate the reorganization proceedings. The company has extended its submission deadline six times since January.

Meanwhile, HomePlus faces a critical week with the re-appeal deadline set for July 20. Negotiations between DIP (emergency operational funding) providers MBK Partners and Meritz Financial Group remain stalled over disagreement on loan terms and use of store sale proceeds for funding.