Homeplus announced on the 21st that it has decided to treat the accounts payable securitization as a commercial receivable.
Homeplus reached this agreement after meeting with the parties related to the accounts payable securitization at the rehabilitation court the previous day. Considering that Homeplus has the final repayment responsibility for the accounts payable securitization, it plans to report it as a commercial receivable in the future rehabilitation process.
This is a measure considering that Homeplus has the final repayment responsibility for the accounts payable securitization. As of the 4th, Homeplus's outstanding balance for accounts payable securitization is 461.8 billion won.
Accordingly, the claims of credit card companies related to accounts payable securitization will be treated as commercial receivables in the rehabilitation plan and will be reflected in the classification of rehabilitation creditors according to Article 236, Section 3 of the 'Debtor Rehabilitation and Bankruptcy Act.'
Investors of securities (ABSTB) issued based on the claims of credit card companies will also be affected similarly by treating credit card company claims as commercial receivables.
A Homeplus representative noted, “With the decision to treat the accounts payable securitization as a commercial receivable, we plan to reflect this by repaying the full amount as a commercial receivable in the rehabilitation plan,” adding, “We will repay the entire accounts payable securitization in accordance with the rehabilitation process to ensure that there are no damages to the good-faith investors.”