Homeplus Rehabilitation Plan Vote Tomorrow... Unpaid Supplier Dues the Biggest Variable

[Economy 365]

The vote on the rehabilitation plan that will determine the fate of Homeplus is set for tomorrow (September 2).

The Seoul Bankruptcy Court will hold a stakeholders' meeting at 3 p.m. tomorrow, attended by creditors, secured parties, and shareholders.

For the rehabilitation plan to be approved, it must gain the consent of at least 75% of secured creditors, two-thirds or more of rehabilitation creditors, and more than half of shareholders.

The biggest variable is the unpaid supplier dues amounting to 503.2 billion KRW.

Because supplier dues are public interest claims that must be paid regardless of the rehabilitation procedure, suppliers do not have voting rights; however, whether they agree to installment payments is expected to dictate the possibility of survival.

As of August 28, the consent rate among merchandise suppliers stood at 62.4%, falling short of the 80% reportedly required by the court.

If the rehabilitation plan is voted down, the rehabilitation procedure could be abolished, leading Homeplus to potential bankruptcy procedures.

*This article was produced with AI audio.
※ Please note: This article was translated by AI and may contain errors.