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AsiaToday reporter Song Eui-ju = Attendees, including Acting Democratic Party Leader and Floor Leader Han Byung-do, chant slogans at the "Let's Save Our Neighborhood Homeplus! Grocery Shopping Campaign" event held at the Homeplus Gangseo branch in Gangseo-gu, Seoul on the 13th.

The Democratic Party and the broader pro-government camp are putting their full weight behind efforts to save Homeplus. Since the retailer needs to demonstrate sales and business performance before its court review to secure an extension of its rehabilitation plan, political figures have stepped in directly, running campaigns of their own. If the stores end up closing for good, tens of thousands of jobs could disappear, which is why the issue is being treated as directly tied to people's livelihoods.

Acting Democratic Party leader and floor leader Han Byung-do said at Homeplus's Gangseo branch on the 13th, "Today, 67 stores have finally resumed operations. This is the first step toward Homeplus coming back to life," adding, "The National Assembly, the government, and local governments will work together with one heart to help Homeplus return to normal."

At the event, Han was joined by members of the Democratic Party's Eulji-ro Committee along with lawmakers from the Rebuilding Korea Party and the Social Democratic Party for a Homeplus grocery shopping campaign. Attendees chanted slogans on site, including "Let's save our neighborhood Homeplus together."

The pro-government camp's visit to Homeplus that day was aimed at boosting sales ahead of the court's review of the rehabilitation plan, since short-term results are needed to secure approval. Yoo Dong-soo, head of the Democratic Party's Homeplus task force, said on site, "Twenty days remain until the rehabilitation plan is approved. I believe whether we can save Homeplus depends on how we help it during that time. I ask that everyone come together so Homeplus can survive."

Min Byung-deok, chair of the Democratic Party's Eulji-ro Committee, also stressed, "It's been 15 months since Homeplus became 'Home-minus.' The livelihoods of 300,000 people are at stake, so I ask the public to actively step up. There's a perception that large discount stores hurt small merchants, but this is a completely different situation. Because 300,000 people's livelihoods are on the line, all political parties are stepping in to save Homeplus."

Meanwhile, the court has set the meeting of interested parties to deliberate and vote on Homeplus's rehabilitation plan for 3 p.m. on the 2nd of next month. This meeting is where the rehabilitation plan will undergo final deliberation and voting, with secured creditors, unsecured creditors, and shareholders (equity holders) voting separately by group.

Approval requires at least three-quarters of secured creditors (four-fifths for liquidation-type claims), at least two-thirds of unsecured creditors, and at least half of shareholders to vote in favor. If approved, the plan will proceed to court authorization; if rejected, the court will consider setting a continuation date or reviewing termination of the proceedings.

                                                                                                            Kim Dong-min