Court Sets Homeplus Stakeholders Meeting for Sept. 2; Pivotal Turning Point for Rehabilitation Plan Approval

A stakeholders meeting to review and vote on the rehabilitation plan for Homeplus, which has secured 200 billion won in debtor-in-possession (DIP) financing, will be held on the 2nd of next month.

The Seoul Bankruptcy Court announced today (the 13th) that it has scheduled the stakeholders meeting to review and resolve the amended rehabilitation plan for Homeplus at 3:00 p.m. on the 2nd of next month.

This comes two days before the deadline for approving the rehabilitation plan, which is September 4.

The stakeholders meeting is a crucial step in the corporate rehabilitation process where creditors, secured lenders, shareholders, and other interested parties review the rehabilitation plan and decide whether to approve it.

Homeplus submitted its second revised rehabilitation plan to the court yesterday (the 12th).

The outcome of the stakeholders meeting vote is expected to be a major turning point that decides the fate of Homeplus. If the plan is not approved, the rehabilitation process aimed at normalizing the company under court supervision could be abolished.

In such a case, the court would review the possibility of rehabilitation and decide whether to declare bankruptcy.

Previously, the court decided to discontinue the rehabilitation proceedings on July 3, stating that Homeplus had failed to secure 200 billion won in minimum operating funds required for the rehabilitation process.

Later, Homeplus secured emergency operating funds from its largest creditor, Meritz Financial Group. On July 21, the court revoked the discontinuation decision, extended the rehabilitation process, and pushed the deadline for approving the rehabilitation plan to the 4th of next month.

The deadline for approving a rehabilitation plan is, in principle, up to one year from the date the rehabilitation process begins, and can be extended by up to six months if there are unavoidable circumstances.

As the date for opening the rehabilitation process for Homeplus was March 4 of last year, this is expected to be the final opportunity to determine its survival.

Having gained breathing room through the emergency operating funds, Homeplus resumed operations today at 67 stores that had been temporarily closed.
※ Please note: This article was translated by AI and may contain errors.