Homeplus, after rehabilitation proceedings were terminated, says it is “sincerely sorry to all stakeholders” and asks Meritz for funding to file an immediate appeal [Homeplus, rehabilitation termination]

[Financial News] After the Seoul Bankruptcy Court decided to terminate Homeplus' rehabilitation proceedings, the retailer asked Meritz Financial Group to provide funding for an immediate appeal.
According to industry sources on the 3rd, Homeplus issued a statement on the court's decision to end the rehabilitation process and said, "We sincerely apologize to all stakeholders, including customers, employees, tenant businesses and partner companies, who supported our efforts to recover."
Homeplus explained, "Since the rehabilitation proceedings began in March last year, we have continued self-rescue efforts such as negotiations to cut store rents, suspending operations at some stores, and selling Homeplus Express. However, supply disruptions and falling sales during the process have made it difficult to prove that the rehabilitation plan can be carried out without operating funds."
Meanwhile, the court said that if Homeplus secures 200 billion won in operating funds within two weeks and files an immediate appeal, the decision to terminate the rehabilitation proceedings could be revoked, allowing the process to resume.
In response, Homeplus claimed that Meritz Financial Group, its largest creditor, is refusing to provide funding, saying that the 100 billion won joint guarantee offered only by MBK Partners, the management company on the controlling shareholder side, and Michael ByungJu Kim is not enough. It added, "We earnestly ask Meritz Financial Group to support a 200 billion won operating loan," and said, "We will actively cooperate with any future legal proceedings and do our best to minimize damage to creditors, employees and other stakeholders."
localplace@fnnews.com Kim Hyun-ji Reporter