The Seoul Bankruptcy Court's Rehabilitation Division 4 (Presiding Judge Jung Jun-young) held a meeting of interested parties today (the 2nd) to vote on the Homeplus rehabilitation plan, and immediately approved it after it was passed.
This means the court has officially granted permission to execute repayments in accordance with the rehabilitation plan.
Immediately following the vote, the court stated, "We declare that the rehabilitation plan has been passed with 100% approval from the secured creditors' group, 75.90% approval from the unsecured creditors' group, and 100% approval from the shareholders' group."
The approval requirements for each group were at least 75% for the secured creditors' group, at least 66.7% for the unsecured creditors' group, and at least 50% for the shareholders' group.
The court explained, "Taking into account that more than two-thirds of the creditors agreed, we recognize that the requirements for approving the rehabilitation plan have been met."
The court plans to terminate the rehabilitation proceedings once repayments according to the plan begin to be fully implemented. If the repayments are not carried out as planned, it will issue a decision to "abolish after approval" and declare bankruptcy.
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