▲ Homeplus
Homeplus announced today (July 20) that it has filed an immediate appeal against the court's decision to terminate its rehabilitation proceedings and plans to pursue the resumption of the process.
Homeplus submitted the appeal to the Seoul Rehabilitation Court at approximately 4:00 p.m. today.
Previously, the Seoul Rehabilitation Court decided to terminate the rehabilitation proceedings on July 3, stating that Homeplus had failed to secure 200 billion won, the minimum amount of capital 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 debtor-in-possession (DIP) loan on July 16, establishing a plan for financing.
Homeplus plans to resume operations as soon as the rehabilitation proceedings are 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 partner companies. We need support from the perspective of mutual growth so that Homeplus can be revived."
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