Homeplus secures court approval for rehabilitation plan

Homeplus corporate rehabilitation retail industry debt restructuring Seoul Bankruptcy Court

The Seoul Bankruptcy Court has approved the rehabilitation plan for Homeplus, allowing the retailer to move forward with debt repayment and business normalization after 18 months of corporate rehabilitation proceedings. The plan received 100% approval from secured creditors and shareholders, and 75.9% approval from rehabilitation creditors.

To settle its debts, Homeplus intends to sell 19 owned stores by February 2028, generating approximately 1.3 trillion won to repay existing secured claims. Following this, the company plans to use 38 other owned stores, with an appraised value of roughly 2.8 trillion won, as collateral to secure loans for remaining debt obligations.

A significant challenge remains the repayment of 503.2 billion won in unpaid supply payments (public interest claims). The company has proposed a three-year plan to repay these claims in full. Additionally, Homeplus must settle approximately 63.3 billion won in salaries and severance pay by February 2028.

While the company has seen a recent recovery in sales—reporting 116.4 billion won in revenue from 67 reopened stores in late August—the long-term success of the plan depends on consistent operational cash flow, successful asset sales, and managing supplier relations.

Entities

Homeplus · Kim Byung-joo · Kim Kwang-il · MBK Partners · Meritz Financial Group · Seoul Bankruptcy Court · Seoul Rehabilitation Court

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] Homeplus secured 200 billion won in emergency operating funds (DIP) to resume operations. housing-post.com · www.jnilbo.com · zdnet.co.kr
[● 2 SOURCES] Homeplus recorded 116.4 billion won in sales from its 67 reopened stores between August 13 and August 30. www.jnilbo.com · zdnet.co.kr
[● 6 SOURCES] Homeplus owes 503.2 billion won in unpaid supply payments to creditors. housing-post.com · www.jnilbo.com · biz.heraldcorp.com · www.mbn.co.kr · www.newstomato.com · +1 more
[● 5 SOURCES] The Seoul Bankruptcy Court approved Homeplus's rehabilitation plan on February 2. housing-post.com · www.imaeil.com · www.namdonews.com · www.tfmedia.co.kr · zdnet.co.kr
[○ 1 SOURCE] Homeplus plans to sell 19 owned stores to repay approximately 1.3 trillion won in existing secured claims by February 2028. housing-post.com
[○ 1 SOURCE] Homeplus plans to repay approximately 63.3 billion won in salaries and severance pay by February 2028. housing-post.com
[○ 1 SOURCE] Homeplus intends to use 38 owned stores with an appraised value of approximately 2.8 trillion won as collateral for further debt repayment. housing-post.com
[● 5 SOURCES] The rehabilitation plan received 100% approval from secured creditors and 100% approval from shareholders during the meeting. housing-post.com · www.imaeil.com · www.namdonews.com · www.tfmedia.co.kr · zdnet.co.kr