Homeplus获Meritz Financial Group提供2000亿韩元DIP融资并拟重开67家门店

Homeplus will receive 200 billion won in emergency debtor-in-possession (DIP) financing from Meritz Financial Group, its largest creditor, on the 5th. DIP financing is intended to support companies undergoing corporate rehabilitation proceedings so they can continue operations. Based on these funds, Homeplus plans to formally reopen 67 stores currently on temporary closure on the 13th.
Homeplus said the Seoul Rehabilitation Court approved the DIP loan signed with Meritz Financial Group that day. The company said the 200 billion won would be deposited within the day. As soon as the funds arrive, the company plans to conclude negotiations with suppliers and delivery firms to resume product supply. The 67 stores on temporary closure will hold a soft opening on the 7th and check product stocking and store operation status through the 12th. The official opening date is the 13th.
Homeplus had initially planned to carry out its rehabilitation by securing minimum operating funds of 200 billion won, but faced difficulties raising the money due to differences between its major shareholder, MBK Partners, and its largest creditor, Meritz. As a result, the Seoul Rehabilitation Court decided on the 3rd of last month to terminate the rehabilitation proceedings, prompting Homeplus to suspend operations at its headquarters and all stores. Afterward, Meritz Financial Group agreed to provide the 200 billion won DIP loan and MBK Partners Chairman Michael Byungju Kim agreed to provide a joint guarantee, leading the court to cancel its decision to terminate the rehabilitation proceedings on the 21st of last month. The deadline for approval of the rehabilitation plan was also extended to the 4th of next month.
However, securing DIP funds alone does not confirm the rehabilitation. Homeplus must normalize its suspended product supply while also obtaining creditor approval for a revised rehabilitation plan. The court plans to hold a meeting of interested parties late this month or early next month to review and vote on the rehabilitation plan.