Homeplus announced today (July 16) that it plans to file an immediate appeal by July 20 in response to the court's decision to terminate its rehabilitation proceedings.
This action follows a board meeting held today by Meritz Financial Group, the largest creditor of Homeplus, where the group approved 200 billion won in debtor-in-possession (DIP) financing.
Previously, the Seoul Rehabilitation Court decided on July 3 to terminate the rehabilitation proceedings, stating that Homeplus had failed to secure the 200 billion won in minimum funding required to maintain the process.
If the immediate appeal is accepted, the court will revoke the decision to terminate the rehabilitation proceedings, allowing Homeplus to continue the process.
The final deadline for the rehabilitation proceedings is September 4.
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