Korean Court Approves Rehabilitation Plan for Supermarket Chain Homeplus
A South Korean court has officially approved a corporate rehabilitation plan for the struggling supermarket chain Homeplus, effectively averting imminent bankruptcy. The decision allows the retailer to restructure its debts while continuing operations.
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Homeplus wins court approval for rehabilitation plan, averting bankruptcy
The Seoul Bankruptcy Court on Wednesday approved Homeplus's corporate rehabilitation plan, letting the hypermarket sidestep bankruptcy and setting it on course to exit court receivership. Secured creditors, unsecured creditors and shareholders voted in separate classes at the same-day meeting, with approval requiring more than 75 percent, 66.7 percent and 50 percent support, respectively. "We declare the rehabilitation plan approved, with 100 percent approval among secured creditors, 75.90 perce
By The Korea Herald
Read full article →(LEAD) Court approves corporate rehabilitation plan for Homeplus
SEOUL, Sept. 2 (Yonhap) -- A Seoul court on Wednesday approved a corporate rehab...
By Deok-Hyun Kim
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