Homeplus has filed an immediate appeal against the Seoul Bankruptcy Court's decision to terminate its rehabilitation process. This comes after the major shareholder and largest creditor agreed to provide 200 billion won in emergency operating funds (DIP funding).
On July 20, Homeplus announced that it had filed the appeal in response to the court's ruling on July 3, which stated that the company had failed to secure operating funds. However, the court indicated that it could reconsider the termination decision if Homeplus submitted a plan to secure the 200 billion won in operating funds.
In this context, Kim Byung-joo, chairman of Homeplus's major shareholder MBK Partners, agreed to provide a full guarantee for the entire 200 billion won. Based on this, the largest creditor, Meritz Financial Group, decided on July 17 to approve a 200 billion won DIP loan.
Homeplus expects that securing operating funds will allow it to extend the rehabilitation process through the immediate appeal. The company plans to resume operations as soon as the rehabilitation process is extended and the DIP loan is disbursed. Currently, Homeplus has been temporarily closed since July 13, with 67 stores nationwide shut down.
A Homeplus representative stated, "By securing operating funds, we have overcome a significant hurdle toward normalization. However, without the cooperation and support of all stakeholders, including our partners, recovery will be difficult. Therefore, we need support to ensure Homeplus can revive from a perspective of mutual growth."
* This article has been translated by AI.
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