Homeplus Co., which is undergoing corporate rehabilitation proceedings (court receivership), will submit a rehabilitation plan by the 29th. The plan centers on separating and selling the Homeplus Express business unit, a supermarket chain (SSM), and pursuing mergers and acquisitions after the court approves the rehabilitation.
At the rehabilitation application procedure council held by the 4th Bankruptcy Division of the Seoul Bankruptcy Court on the 24th, presided over by Chief Judge Jeong Jun-young, Homeplus Co. said it would prepare a restructuring-driven rehabilitation plan with these details and submit a draft to the court by the 29th.
The meeting was attended by MBK Partners Vice Chairman Kim Gwang-il; Homeplus Co. CEO Cho Ju-yeon; Executive Director Lee Seong-jin and other Homeplus administrators; the Homeplus labor union; major creditor Meritz Securities; sale manager Samil PwC; and Kim Nam-geun, a lawmaker of the Democratic Party of Korea on the National Policy Committee.
Homeplus Co. officials also said they would, after submitting the draft, consult with key creditors, the labor union, and other stakeholders to revise and supplement the content and produce a final plan.
Homeplus Co. began corporate rehabilitation proceedings in March and, with the court's permission since June, has pursued pre-approval mergers and acquisitions. However, as no one participated in the first open competitive bid held on the 26th of last month, the court extended the deadline for submitting the rehabilitation plan again to the 29th.