Gov't to Continue Supporting Workers and Partners After Homeplus Rehabilitation Plan Approval

The government has decided to continue supporting workers and partner companies even after the court's decision to approve the rehabilitation plan for Homeplus.

It also plans to monitor the implementation status of the Homeplus rehabilitation plan.

The Ministry of Economy and Finance held a task force (TF) meeting regarding Homeplus, presided over by Assistant Minister Kang Ki-ryong at the Government Complex-Seoul on the 3rd, to review the impact of the court's approval of the Homeplus rehabilitation plan and the performance of support provided to workers and partner companies so far.

In addition to the Ministry of Economy and Finance, officials from the Ministry of Employment and Labor, the Ministry of SMEs and Startups, the Ministry of Trade, Industry and Energy, the Financial Services Commission, and the Financial Supervisory Service attended the meeting.

The 4th Bankruptcy Division of the Seoul Bankruptcy Court approved the Homeplus rehabilitation plan the previous day.

Participants agreed that since the approval of the rehabilitation plan is the starting point for business normalization, the rehabilitation plan must be faithfully implemented, and stakeholders must make responsible efforts to secure a stable operating foundation.

Along with this, they decided to continuously monitor the implementation of the Homeplus rehabilitation plan and provide sufficient support to ensure the livelihood and business stability of workers and partner companies.

In addition, the government plans to pursue fundamental measures to strengthen the competitiveness of the distribution industry.

Since the initiation of the Homeplus rehabilitation procedure in March of last year, the government has monitored the damage situation in its respective areas of jurisdiction and provided support to workers and partner companies.

Following the termination of the Homeplus rehabilitation procedure in July, support was further expanded.

From March 4 of last year, following the court's initiation of the rehabilitation procedure, until the 1st of this month, 27,739 cases totaling 41 billion won in unemployment benefits and proxy payments were provided to workers.

Loans such as wage arrear livelihood loans and living stability fund loans were tallied at 9,110 cases totaling 42 billion won.

For partner companies, emergency liquidity support totaling 440 billion won has been provided, including 90 billion won in emergency business stability funds from the Small Enterprise and Market Service and the Korea SMEs and Startups Agency, and 350 billion won in special guarantees from the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation.

With the cooperation of the banking sector, loans of up to 500 million won in new emergency funds, such as maturity extensions and repayment deferrals, are also being supported.

The actual performance of support for partner companies was tallied at 321 cases and 17.1 billion won for emergency business stability funds from the Small Enterprise and Market Service and the Korea SMEs and Startups Agency, and 104 cases and 66.2 billion won for guarantees from the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation.

Maturity extensions and repayment deferrals accounted for 8,540 cases totaling 5.6 trillion won, while new emergency fund loans were provided at 145 cases totaling 43.6 billion won.
※ Please note: This article was translated by AI and may contain errors.