Seoul court approves Homeplus rehabilitation plan
The Seoul Bankruptcy Court on September 2 approved the corporate rehabilitation plan for hypermarket chain Homeplus. The decision allows the company to avoid bankruptcy and move closer to exiting court-led rehabilitation proceedings, Korea Herald reports.
Creditors’ vote
The plan was considered at a meeting where secured creditors, unsecured creditors and shareholders voted separately. Its approval required more than 75% of votes from secured creditors, 66.7% of votes from unsecured creditors and 50% of votes from shareholders.
According to the court, the plan was supported by 100% of secured creditors, 75.9% of unsecured creditors and 100% of shareholders. The court concluded that the document met the requirements for approval, as it received votes from more than two-thirds of creditors.
More current news is available on the UA.News Telegram channel Telegram.
Store sales and payments
Homeplus plans to sell 19 of the 37 stores scheduled for closure in order to repay secured trust debt. The company also intends to secure additional financing, carry out restructuring and consider possible merger and acquisition deals.
The court plans to formally complete the rehabilitation procedure after all payments provided for in the plan have been made. If Homeplus fails to make payments in accordance with it, the court may revoke the rehabilitation approval and declare the company bankrupt.
Homeplus filed for court rehabilitation in March 2025 after a credit rating downgrade caused a funding shortfall. In July, the court began proceedings to terminate the case because the company was unable to secure the required 200 billion won, or $146 million. After Homeplus quickly raised the funds, the voting deadline was extended to September 4. The company resumed operations on August 13, and as of Sunday, its sales volume stood at 116.4 billion won, or $86 million.
