Homeplus Wins Court Approval to Continue Operating Under Its Rehabilitation Plan
Translated from Korean and summarized by DistantNews. Read the original for the full story.
At a glance
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Official statement
Approved/passed
- Seoul Rehabilitation Court approved Homeplus’s rehabilitation plan after creditors and other stakeholders voted in favor at a meeting on Sept. 2.
- The plan received support from 100% of rehabilitation secured creditors, 75.9% of rehabilitation claim holders and 100% of shareholders.
- Homeplus can continue operating under the approved plan and begin repayments.
Homeplus will continue operating under its rehabilitation plan after the Seoul Rehabilitation Court approved the company’s proposal on Sept. 2.
The court’s Rehabilitation Division 4 said the requirements for approval under the Debtor Rehabilitation and Bankruptcy Act had been met. The decision took effect immediately after it was issued.
The plan passed at a meeting attended by the company’s administrator, creditors, secured creditors, shareholders and other interested parties. The meeting reviewed and voted on Homeplus’s fourth revised rehabilitation plan.
Secured rehabilitation creditors approved the plan unanimously. It also won support from 75.9% of rehabilitation claim holders and all shareholders. With the court’s approval, Homeplus can follow the plan it submitted and begin repaying its obligations.
About this summary
Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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