[뉴스 다이브] 이 대통령 2차 개각 “오직 실력”

The fate of the restructuring plan for the company Homeplusr hangs in the balance this week. On the 2nd, a shareholder approval meeting will be held to determine whether bondholders and creditors have given their legal consent to the plan. The key factors will be whether bond and creditor legal approval conditions are met, and whether the public bond repayment agreement ratio is sufficient.

The shareholder approval meeting brings together stakeholders including bondholders, creditors, and shareholders to vote on the feasibility of the restructuring plan. To secure a decision, each group must obtain the required percentage of support: 75% from bondholders, 66.7% from creditors, and 50% from shareholders. If the meeting fails to meet these requirements, the plan will likely be rejected by the courts, with only a slim chance of being accepted.

The repayment agreement ratio from economic partners, including unpaid debt from trading partners, is a critical issue. The total amount of unpaid trading partner debt exceeds 5 trillion won. Public bonds, which must be paid first, are considered more likely to be repaid, and a higher repayment agreement ratio increases the likelihood that the courts will deem the plan feasible.

As of last month, the repayment agreement ratio for public bonds stood at 59%, with retail debt at 64.4% and employee debt at 87.9%. Homeplusr has proposed to repay all public bonds within three years. However, the Trading Partner Bond Association, in a submission to the courts, argues that the 0.5% interest rate for retail debt makes it extremely unfavorable for repaying.

Homeplusr insists that even if repayment is agreed upon, there will be no adverse effects. They are working hard to convince bondholders before the meeting begins. Homeplusr recorded 1,164 billion won in sales after reopening 67 stores on March 13, but the lack of resolution to product supply issues continues to cause concern among bondholders.

If the shareholder approval meeting fails to meet the requirements, Homeplusr's restructuring process will face a significant crossroads. With the deadline for court approval of the restructuring plan approaching on the 4th, the possibility of a last-minute resubmission is becoming increasingly slim. If the decision is unfavorable, the court may choose to cancel the process or force the approval, leading to inevitable losses for bondholders.