A stakeholders' meeting that will decide whether Homeplus Co., which is undergoing corporate rehabilitation, can be revived will be held on the afternoon of the 2nd. It is where creditors indicate whether they support or oppose the company's rehabilitation plan. In legal circles, there is talk that if the necessary approval rates are secured and the plan is deemed feasible, the court could approve the rehabilitation plan that day.
The Rehabilitation Division 4 of the Seoul Bankruptcy Court (Presiding Judge Court President Jeong Jun-young, Reporting Judge Senior Judge Park So-young) will hold a stakeholders' meeting at 3 p.m. that day to review and vote on the Homeplus Co. rehabilitation plan. Homeplus Co. submitted a second revised rehabilitation plan on the 12th of last month.
◇ Voting based on claim amounts… unpaid supply payments in the 500 billion won range are a variable
At the stakeholders' meeting, creditors entitled to receive money indicate support or opposition to the rehabilitation plan by each group they belong to. Holders of rehabilitation secured claims who lent money with collateral must obtain approval from at least three-quarters of claim amounts, and holders of rehabilitation claims entitled to payment without collateral must obtain approval from at least two-thirds. The approval rate is calculated based on claim amounts, not headcount.
A key variable is how to handle more than 500 billion won in unpaid supply payments. Among these, claims that must be repaid on a priority basis even after the rehabilitation process begins are called "public-interest claims." In principle, these funds cannot be reduced or deferred under the rehabilitation plan, but as payments have been delayed due to Homeplus Co.'s cash crunch, suppliers have been demanding specific repayment schedules and funding sources.
The second revised plan includes measures to prepare repayment funds by selling assets such as stores in stages and borrowing additional funds. It would sell some self-owned stores that have closed to repay collateralized debts and use stores with released collateral to raise additional funds.
◇ Abolished once, then resumed… even if passed, court approval remains
Homeplus Co. applied for rehabilitation on Mar. 4 last year with the Seoul Bankruptcy Court, and the court decided to commence the process the same day. However, as mergers and acquisitions were delayed and sales declined while public-interest claims increased, the court decided on Jul. 3 to discontinue the rehabilitation.
When Homeplus Co. arranged a plan to raise 200 billion won in emergency operating funds and filed an immediate appeal, the court canceled the discontinuation decision on the 21st of the same month and decided to resume the rehabilitation. Homeplus Co. subsequently raised 200 billion won in emergency operating funds from Meritz Financial Group. Such funds newly borrowed for a rehabilitating company to continue operations are commonly called "DIP financing."
Even if the plan passes in the creditors' vote that day, the rehabilitation process does not end immediately. "Passage" means creditors have met the required approval rates.
A legal source well-versed in rehabilitation cases said, "If the voting result is clear and there are no particular issues with the feasibility of implementing the plan, there is a possibility of an approval decision on the same day."
If the court approves, Homeplus Co. will proceed with asset sales, debt repayment, and business normalization according to the finalized plan. Conversely, if the required approval rates are not obtained, the court will consider whether to reconvene the meeting or discontinue the rehabilitation.