Court says new financing during a 14-day appeal window could revive rehabilitation talks
The Seoul Bankruptcy Court terminated Homeplus’s rehabilitation proceedings Friday, pushing the retailer closer to liquidation and leaving it a narrow 14-day window to secure fresh funding and appeal the ruling.
The court found that Homeplus’s revised rehabilitation plan, submitted Tuesday and calling for the closure of unprofitable stores, business transfers, and mergers and acquisitions, lacked a realistic prospect of success.
“At least 200 billion won in operating funds is needed to continue running the company and execute the rehabilitation plan, but those funds have not been…