Homeplus announced today, July 20, that it has filed an immediate appeal against the court's decision to terminate its rehabilitation process and intends to pursue the resumption of the proceedings.
Homeplus submitted the immediate appeal to the Seoul Bankruptcy Court at approximately 4:00 p.m. today.
Previously, the Seoul Bankruptcy Court decided to terminate the rehabilitation process on July 3, citing that Homeplus had failed to secure 200 billion won, the minimum funding required for the rehabilitation process.
Following the court's decision, Kim Byung-ju, Chairman of MBK Partners, the largest shareholder of Homeplus, agreed to provide a joint guarantee for the full 200 billion won required as a condition for corporate rehabilitation.
Subsequently, Meritz Financial Group, the largest creditor, approved a 200 billion won DIP (Debtor-in-Possession) loan on July 16, securing the necessary funding plan.
Homeplus plans to resume operations as soon as the rehabilitation process is extended and the DIP loan is processed.
A Homeplus official stated, "While we have overcome a major hurdle for normalization by securing operating funds, rehabilitation is difficult without the cooperation and assistance of all stakeholders, including our partners. We need support from the perspective of mutual growth so that Homeplus can be revived."
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