[Breaking] Seoul Bankruptcy Court "Approves Homeplus Rehabilitation Plan" [fn Market Watch]

[Financial News] Presiding Judge Jung Joon-young of the 4th Division of the Seoul Rehabilitation Court stated on the 2nd, "A rehabilitation plan is approved only if 75% of secured creditors vote in favor and two-thirds of unsecured creditors vote in favor. For the shareholders' group, at least half of the shares exercised must vote in favor," adding, "The Homeplus rehabilitation plan received 100% approval from secured creditors, 75.90% approval from unsecured creditors, and 100% approval from the shareholders' group."
Judge Jung Joon-young said, "I approve the rehabilitation plan."
Kim Kwang-il, Co-CEO of Homeplus and Vice Chairman of MBK Partners, stated, "The current percentage of installment repayment claims for which consent has been obtained is 66.3%." Seoul Bankruptcy Court had previously required obtaining approximately 80% consent for installment repayment from public interest creditors.

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