[단독] 왓챠, 공개매각 접었다…재입찰 없이 수의계약 선회

Watcha's failed open bidding process exposes how poor transparency in insolvency proceedings undermines investor confidence and deal attractiveness. The company's shift to negotiated sales with individual investors, coupled with creditors being kept uninformed about transaction progress, signals structural governance challenges that extend beyond financial distress—including conflicts between venture capitalists and financial investors over control and recovery priorities. This lack of information sharing likely deterred potential acquirers by obscuring true risk profiles, making successful acquisition increasingly difficult despite urgent liquidity needs.