In response to reports that "Homeplus expects a shortage of short-term funds to occur starting from the 17th of this month" in its rehabilitation petition, Homeplus noted on the 20th, "This is based on the most extreme scenario," adding that "the court has determined that a shortage of funds is expected in May."
On the same day, Homeplus explained, "The content of the rehabilitation petition indicates that due to an unexpected downgrade of its credit rating to A3-, it has become impossible to issue short-term bonds, which means refinancing the total amount of approximately 600 billion won that has already been issued may become challenging, leading to the possibility of a shortage of short-term funds starting March 17th."
It continued, "This shows that the explanation provided by the company regarding the application for the rehabilitation process, due to the unexpected decline in the credit rating causing a potential short-term fund issue, is factual."
Additionally, it stated, "The contents of the rehabilitation petition are primarily based on the financial, funding, and debt situation at the time of the application, as well as the reasons for applying for the rehabilitation process," adding, "Once the rehabilitation process has commenced, everything will proceed based on consultations with creditors and the court's determination."
It also noted, "The rehabilitation petition does not include details of the rehabilitation plan. The plan will be prepared based on the due diligence results from the investigator appointed by the court and the reports from creditors," and emphasized, "To this end, it is crucial to maintain the normal operations of Homeplus."
Furthermore, Homeplus stated that consultations with partners such as Seoul Milk and Nongshim are experiencing delays.
According to Homeplus, Seoul Milk and Nongshim are demanding that product payments be made in cash as a condition for delivery. Homeplus considers this position difficult to accept.
Homeplus remarked, "In a situation where we have not yet received payments from certain partners and suppliers, it is difficult for us to accept the condition of prepaid cash payments for product fees," adding, "We will communicate well regarding the current situation and complete an agreement as soon as possible."