▲ The headquarters of Homeplus in Gangseo-gu, Seoul, is seen closed on July 3, as the major retailer faces a de facto bankruptcy process after failing to find a buyer.
Homeplus issued a statement today (July 3) regarding the Seoul Bankruptcy Court's decision to discontinue its rehabilitation plan, stating, "We offer our sincere apologies to all stakeholders, including our customers, employees, tenants, and partner companies."
In the statement released this afternoon, Homeplus said, "We will actively cooperate with the upcoming legal procedures and strive to minimize the damage to our stakeholders, including creditors and employees."
The company also disclosed that MBK Partners has accepted the condition of joint and several guarantees from the company and MBK Chairman Kim Byung-ju, which was a requirement set by Meritz Financial Group when it agreed to provide 100 billion won in emergency operating funds out of the 200 billion won needed to execute the rehabilitation plan.
In its statement, the company expressed its regret, saying, "Despite the pleas of numerous stakeholders over the past few weeks, Meritz Financial Group, the largest creditor, has refused to provide the funding, claiming that the 100 billion won joint guarantee provided by MBK Partners and Chairman Kim Byung-ju is insufficient." The company added, "We earnestly appeal to Meritz Financial Group to provide the 200 billion won in operating loans."
Previously, MBK had promised company-level guarantees while indicating that it would be difficult for Chairman Kim to provide a personal guarantee, so this move can be interpreted as a step back.
It is reported that MBK included the offer of Chairman Kim's guarantee in an opinion letter sent to the bankruptcy court on June 30.
However, while MBK is demanding that Meritz provide the full 200 billion won loan, Meritz maintains that while the 100 billion won currently held in escrow can be withdrawn once the guarantee conditions are met, the remaining 100 billion won must be secured by MBK.
The inclusion of these details in the statement is interpreted as Homeplus's determination to secure funding until the very end, as it is possible to re-apply for rehabilitation if the company can raise the necessary funds within the 14-day period allowed for filing an appeal.
(Photo: Yonhap News)
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.