▲ A Homeplus store in Seoul
It has been confirmed that the court has sent official letters to the creditor council, shareholders, and labor unions regarding the "Homeplus situation," requesting their opinions on the potential "termination of the rehabilitation process."
With the deadline for the approval of the rehabilitation plan approaching on July 3, this is interpreted as a de facto final ultimatum.
The 4th Rehabilitation Division of the Seoul Rehabilitation Court sent the request for opinions to Homeplus, its major shareholder MBK Partners, and the Homeplus labor union.
The court stated, "Homeplus has claimed that it needs to raise 200 billion won in external funding to carry out its structural innovation-type rehabilitation plan (or a revised version), but it has yet to submit realistic and concrete evidence regarding its funding plan."
The court has effectively determined that there is no longer a possibility of executing the previously submitted rehabilitation plan.
The deadline for submitting opinions is June 30. Unless there are exceptional circumstances recognized by the court by that date, the rehabilitation process is expected to be terminated before approval.
Corporate rehabilitation is a system where a company experiencing management crises is placed under court supervision to be revived if its value as a going concern is deemed greater than its liquidation value.
If the process is terminated because the rehabilitation plan cannot be executed, the only remaining option for the debtor company is effectively bankruptcy.
While it is possible to re-apply for rehabilitation after a termination decision, the likelihood of such a request being accepted by the court is low.
Homeplus previously succeeded in selling its supermarket division, Homeplus Express, to NS Shopping. However, without securing the 200 billion won needed for wages, payments for goods, and restructuring, it is difficult to implement the previously submitted rehabilitation plan.
Homeplus has been requesting 200 billion won in Debtor-in-Possession (DIP) financing from its largest creditor, Meritz Financial Group.
In response, Meritz has maintained the position that it would lend 100 billion won on the condition of a guarantee from MBK Chairman Kim Byung-ju, the largest shareholder, while requiring MBK to secure the remaining funds.
As both sides continue their dispute without finding common ground, the Homeplus situation is heading toward a worst-case scenario, and criticism regarding the responsibility of MBK and Chairman Kim is mounting.
(Photo: Yonhap News)
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.