This article was displayed on the ChosunBiz MoneyMove (MM) site at 9:44 a.m. on Feb. 12, 2026.
The Seoul Bankruptcy Court judged that Homeplus Co.'s rehabilitation proceedings have seen virtually no progress and asked MBK Partners, creditors, and the labor union for an official opinion on whether to continue the rehabilitation. It also notified them to recommend a new administrator if they want to keep the proceedings going.
According to the investment banking (IB) and retail industries on the 12th, the rehabilitation court sent an official letter to them the previous day requesting that they submit by the 13th their views on whether to continue the rehabilitation and on appointing a new administrator.
The court was said to have pointed out that Homeplus Co.'s corporate rehabilitation procedure is not showing progress. DIP financing of 300 billion won has not yet been raised, and no concrete supporting documents have been submitted. Earlier, MBK Partners proposed that policy banks and Meritz Financial each shoulder 100 billion won of the 300 billion won DIP, but with both sides unresponsive, the plan has effectively solidified into one that is difficult to execute.
The court was said to have requested opinions on whether to exclude the current structure-innovation-type rehabilitation plan—deemed effectively unfeasible—and terminate the rehabilitation proceedings.
The court also added that if the rehabilitation proceedings are to continue, they should recommend a concrete funding plan and a new third-party administrator. The industry interprets this as the court ramping up pressure by demanding a reorganization of the management structure and revisions to the plan.
In response, the Homeplus Co. chapter of the Mart Industry Labor Union plans to ask the court to appoint UAMCO as a new third-party administrator. This is the same as the view expressed last December by lawmaker Yoo Dong-soo, who serves as Director General of the ruling party's task force (TF) on resolving the Homeplus Co. situation. At the time, Yoo proposed that UAMCO acquire Homeplus Co. and that the government lead the subsequent sale.
Meanwhile, the industry believes Homeplus Co. has already missed the golden time for rehabilitation. Homeplus Co.'s inventory is reportedly below 200 billion won. With deliveries cut off around the Lunar New Year holidays, liquidation could come into view.