Court Extends Homeplus Rehabilitation Process; Creditor Meeting Expected as Early as Late Next Month

The court has extended the rehabilitation process for Homeplus after the company secured a funding plan.

On July 21, the 4th Rehabilitation Division of the Seoul Rehabilitation Court (Chief Judge Jung Joon-young) revoked its decision to terminate the Homeplus rehabilitation process.

The court explained, "The initial decision to terminate was based on the lack of feasibility for the rehabilitation plan due to a shortage of operating funds. Since the operating funds have now been secured, the immediate appeal is deemed justified, and the existing rehabilitation process will resume."

The court also extended the deadline for approving the rehabilitation plan to September 4.

In principle, the deadline for approving a rehabilitation plan is one year from the date the rehabilitation process begins, with a maximum extension of six months allowed in unavoidable circumstances.

Given that the rehabilitation process for Homeplus began on March 4 of last year, this marks the final possible extension.

The rehabilitation court is expected to soon set a date for a meeting of interested parties to deliberate and vote on the rehabilitation plan.

The meeting is expected to take place between late next month and early September.

Previously, on July 3, the court had issued a termination order, stating that Homeplus had failed to secure 200 billion won in minimum operating funds required for the rehabilitation process.

Following this, Meritz Financial Group approved a Debtor-in-Possession (DIP) loan, allowing Homeplus to secure the necessary funding and file an immediate appeal yesterday.

Homeplus plans to resume operations as soon as the rehabilitation process is extended and the DIP loan is received.
※ Please note: This article was translated by AI and may contain errors.