Court approves Homeplus restructuring plan

Homeplus, South Korea's second-largest supermarket chain, received court approval on Wednesday for its restructuring plan amid ongoing rehabilitation proceedings. Once the plan is implemented, the company will begin repaying creditors according to the approved schedule. The Seoul Bankruptcy Court convened a creditors' meeting to vote on the proposal, which was subsequently endorsed by a two-thirds majority.

With this approval, Homeplus is now officially authorized to proceed with debt repayment and the various restructuring measures outlined in the plan. The court emphasized that the plan met all required approval criteria and urged MBK Partners, the private equity firm controlling Homeplus, to maintain close collaboration with employees and business partners to ensure the successful execution of the rehabilitation plan.

MBK Vice Chairman and Homeplus co-CEO Kim Kwang-il, present at the meeting, extended apologies to creditors impacted by the company's rehabilitation process. He stressed that the primary objective under the restructuring plan is to alleviate creditor concerns and facilitate a smooth recovery for the struggling retailer.