This article was displayed on the MoneyMove (MM) site of ChosunBiz at 2:58 p.m. on Apr. 23, 2026.
Meritz Financial Group is reviewing a plan to provide an emergency debtor-in-possession (DIP) operating loan in the 200 billion won range to Homeplus Co., which is undergoing corporate rehabilitation. Meritz did not take a clear position after receiving a request from MBK Partners for DIP support of 100 billion won, but it is understood to have reopened its review in light of factors such as the selection of a preferred bidder for Homeplus Express and the increased likelihood that the rehabilitation process can continue.
According to the investment banking (IB) industry on the 23rd, Meritz Financial is said to be reviewing whether to provide DIP financing in the 200 billion won range to Homeplus Co. Some of the funds would be short-term loans to plug urgent needs before Harim Group pays the acquisition price for Homeplus Express, while the remainder would be structured as pure DIP financing to support Homeplus Co.'s operating funds.
As a result of the main bid for the sale of Homeplus Express, which ended on the 21st, Harim Group's NS Shopping was selected as the preferred bidder. NS Shopping is said to have proposed a corporate value in the 200 billion won range. With current assets (assets that can be converted into cash within a year) reaching 220 billion won, the company is seen as sufficiently capable of covering the acquisition price for Homeplus Express, including acquisition financing.
Harim Group is expected to sign a business transfer agreement for Homeplus Express next week (the last week of April) and complete payment of the acquisition price after going through procedures such as a business combination review by the Korea Fair Trade Commission. The industry estimates it will take about two months to complete payment of the acquisition price and the business transfer.
The Seoul Bankruptcy Court has extended the deadline for approving Homeplus Co.'s rehabilitation plan to May 4. If the sale proceeds for Homeplus Express and DIP financing come in before then, the court could extend the rehabilitation plan again. However, because there will be a time gap until Harim Group completes payment, Homeplus Co. is asking Meritz to fill this part with an ultra-short-term DIP.
Within Meritz Financial, some view support for Homeplus Co. as "pouring water into a bottomless jar." They question whether providing DIP financing can solve the fundamental problems when astronomical funds are needed to normalize operations.
MBK Partners, on the other hand, believes that once the sale proceeds for Homeplus Express are paid and Meritz Financial's DIP support is in place, the immediate crisis can be addressed and corporate rehabilitation can continue. Its position is that if operating funds are injected to pay for goods and fix the loss-making structure, long-term normalization of operations is fully achievable.
The court is expected to decide by the 30th whether to extend the rehabilitation plan. The deadline is May 4, but the 1st is Labor Day and the 2nd–3rd are the weekend. If the court denies the extension that day, Homeplus Co.'s corporate rehabilitation, including the sale of Homeplus Express, will be scrapped entirely.