Court approves Homeplus restructuring plan
Homeplus, which is under court-led rehabilitation proceedings, secured court approval Wednesday for its restructuring plan. The rehabilitation proceedings of the country's No. 2 supermarket chain will come to an end once it begins repaying creditors in line with the approved plan. The Seoul Bankruptcy Court held a creditors’ meeting earlier in the day to vote on the plan. After creditors approved…
Homeplus, South Korea's second-largest supermarket chain, has received court approval for its debt repayment and restructuring plan. The Seoul Bankruptcy Court held a meeting with creditors to vote on the plan, which will mark the end of the rehabilitation proceedings once creditors start receiving repayments. The court's decision came after creditors approved the proposal, with at least two-thirds of them supporting it.
MBK Partners, the private equity firm controlling Homeplus, is urged to collaborate closely with employees and business partners to ensure the successful implementation of the rehabilitation plan. Homeplus's co-CEO, Kim Kwang-il, who was present at the meeting, expressed regret to creditors affected by the company's rehabilitation process.
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- Court approves Homeplus' rehabilitation plan en.yna.co.kr
- Court approves Homeplus restructuring plan koreatimes.co.kr
- Court Approves Homeplus Rehabilitation Plan world.kbs.co.kr
