Court Approves Homeplus Restructuring Plan
The plan lets Homeplus repay creditors and sell selected stores after the retailer won support from at least two-thirds of voting creditors, the court said.
- On Wednesday, The Seoul Bankruptcy Court approved the restructuring plan for Homeplus, formally authorizing the retailer to begin debt repayment and restructuring measures following creditor approval.
- Homeplus has undergone court-led rehabilitation since March 4 last year, eventually resuming operations at 67 stores after Meritz Financial Group provided necessary financing to resolve a funding crisis.
- Private equity firm MBK Partners controls the retailer, and the plan satisfied legal approval requirements with support from at least two-thirds of creditors voting Wednesday.
- Rehabilitation proceedings will close once Homeplus begins making full repayments under the approved plan; failure to follow the schedule could lead the court to declare the retailer bankrupt.
- CEO Kim Kwang-il apologized to creditors, stating the company will restore profitability by focusing on profitable stores and selling assets promptly to prioritize debt repayment.
10 Articles
10 Articles
Court approves Homeplus restructuring plan
Homeplus, which is under court-led rehabilitation proceedings, secured court approval Wednesday for its restructuring plan. The rehabilitation proceedings of the country's No. 2 supermarket chain will come to an end once it begins repaying creditors in line with the approved plan. The Seoul Bankruptcy Court held a creditors’ meeting earlier in the day to vote on the plan. After creditors approved the proposal, the court immediately gave it the g…
(Seoul = Yonhap News) Reporter Lee Young-seop = The court approved the rehabilitation plan prepared by Homeplus, which is undergoing corporate rehabilitation proceedings (court receivership).
Homeplus, which is currently undergoing corporate rehabilitation proceedings, had its rehabilitation plan passed at a meeting of interested parties on the 2nd, prompting the court to issue an approval decision. On the 2nd, the 4th Rehabilitation Division of the Seoul Rehabilitation Court (Presiding Judge Jeong Jun-young) stated, “The requirements for the approval of a rehabilitation plan stipulated in the Debtor Rehabilitation Act are recognized…
The corporate rehabilitation process has begun in earnest as the Seoul Rehabilitation Court approved Homeplus's rehabilitation plan. The approval decision was made with the consent of 100% of secured creditors and 75.9% of unsecured creditors, and Homeplus plans to proceed with asset sales and business normalization in the future.
(LEAD) Court approves corporate rehabilitation plan for Homeplus
(ATTN: ADDS details; AMENDS headline)SEOUL, Sept. 2 (Yonhap) -- A Seoul court on Wednesday approved a corporate rehabilitation plan for Homeplus Co., allowing the financially troubled discount store chain to take the first step to revive its operatio
[Digital Daily Reporter Wang Jin-hwa] Homeplus, currently undergoing corporate rehabilitation proceedings, has received court approval for its rehabilitation plan. Having overcome the crisis of bankruptcy, Homeplus plans to normalize its operations by repaying debts through the sale of its own stores and pursuing mergers and acquisitions (M&A) of its hypermarket business division. On the 2nd, the 4th Rehabilitation Division of the Seoul Rehabil…
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