A Homeplus store in Seoul is seen behind a red traffic light, Tuesday. Yonhap
Homeplus won a reprieve on Tuesday after a court reversed its decision to terminate the retailer’s rehabilitation proceedings, concluding that a newly secured 200 billion won ($135 million) emergency loan had restored the viability of its turnaround plan.
The Seoul Bankruptcy Court overturned its July 3 ruling and extended the deadline for creditors to vote on Homeplus’ rehabilitation plan until Sept. 4, giving the cash-starved retailer another chance to complete its court-led restructuring.
The decision came just a day after Homeplus appealed the earlier ruling, having secured the full debtor-in-possession (DIP) loan from its largest creditor, Meritz…