0
A Homeplus store in downtown Seoul on the 2nd. / Yonhap

The court approved the rehabilitation plan for Homeplus. If Homeplus completes debt repayments according to the plan, the corporate rehabilitation proceedings will conclude.

On the 2nd, the 4th Rehabilitation Division of the Seoul Rehabilitation Court, presided over by Chief Judge Jung Joon-young, held an interested parties meeting to vote on the Homeplus rehabilitation plan and decided to approve it. The court stated, "It is recognized that the statutory requirements for the approval of a rehabilitation plan under the Debtor Rehabilitation and Bankruptcy Act have been satisfied," and ruled that "the rehabilitation plan for Homeplus Co., Ltd. is approved."

The approval of the rehabilitation plan signifies that the court has formally granted Homeplus permission to repay its obligations and execute the turnaround plan as laid out.

The interested parties meeting is a proceeding in which secured creditors, unsecured creditors, shareholders, and other interested parties convene to examine the rehabilitation plan and vote on whether to approve it. In the vote, consent is required from at least 75 percent of the secured creditor group, at least 66.7 percent of the unsecured creditor group, and at least 50 percent of the shareholder group. On this day, the rehabilitation plan passed with 100 percent approval from the secured creditor group, 75.9 percent from the unsecured creditor group, and 100 percent from the shareholder group.

                                                                                                        Sohn Seung-hyun