[비즈한국] While Homeplus repeatedly emphasizes the need to extend the corporate rehabilitation process, its major shareholder, MBK Partners, has hinted at prioritizing the injection of 100 billion won in emergency operating funds as Debtor-in-Possession (DIP) financing, shaking up the final phase of the situation. While on the surface it appears to be a “100 billion won lifeline,” the core issue is how the stakeholders will decide at this crossroads: whether to continue the rehabilitation process or proceed to liquidation following its cancellation.
The question posed by the court is simple. With the March 4 deadline for the approval of the rehabilitation plan approaching, the court has asked major stakeholders for their opinions on whether to continue or terminate the process. It is reported that if they wish to continue, they must submit a concrete funding plan and a proposal for a new third-party administrator. An "extension" of rehabilitation is possible, but the court is signaling that it wants to see not just the “will to hold on,” but whether the “money to hold on” will actually be secured.
The '100 Billion Won' Is Just the Beginning... The Court is Looking at the Realism of '300 Billion Won' Funding
The framework of the structural innovation-focused rehabilitation plan proposed by Homeplus is relatively clear: securing 300 billion won in DIP financing for emergency operations, selling the supermarket business unit (Homeplus Express), closing 41 underperforming stores, and improving workforce efficiency.
Homeplus emphasizes that this structural innovation is not just a “plan” but is already underway. They claim that 3,474 positions will be reduced by April, with an estimated labor cost savings of approximately 160 billion won. Of the 41 stores slated for closure, they have stated that 19 are scheduled to cease operations within the year.
MBK's hint at an advance injection of 100 billion won is largely an “emergency treatment” intended to meet this timeline. Reports suggest that MBK has indicated it would cooperate with a change in management and could provide the 100 billion won once that change is implemented. However, this 100 billion won does not automatically guarantee an extension. What the court wants to see is not just the first step (the 100 billion won), but whether the overall plan to secure 300 billion won is actually viable and if there is a strategy in place to ensure this capital injection leads directly to the normalization of business operations.
The 'Heavy Collateral' Held by Creditor Meritz... Becoming the Biggest Variable in Rehabilitation
The reason the rehabilitation phase has turned into an “extension vs. abolition” game is because the stakeholders have conflicting profit and loss statements. In particular, the time horizons of the collateral-holding creditors and the entities needing cash on the ground differ significantly.
According to reports, Homeplus has a total debt of approximately 2.6078 trillion won. Of this, 1.2396 trillion won in senior trust collateral is held by Meritz Securities, Meritz Fire & Marine Insurance, and Meritz Capital, with 62 stores nationwide set as collateral and valued at approximately 2.8 trillion won. Simply put, the collateral value exceeds the debt scale. This is why the possibility of recovering the principal remains even if the rehabilitation fails and the company turns to liquidation.
Paradoxically, this structure makes securing DIP financing even more difficult. While new capital is needed to continue rehabilitation, it may be more rational for collateral holders to utilize their existing rights for recovery rather than taking on additional risk. In fact, amidst market speculation that “Meritz remains silent,” some analysts suggest MBK's potential advance investment is a “last-ditch effort.”
Conversely, the reality on the ground is different. Reports have continued to surface about the lack of normal wage payments due to the prolonged liquidity crunch and empty store shelves resulting from delayed payments to suppliers. The logic that more time is needed for rehabilitation ironically increases the risk that the business foundation will crumble during that time, lowering the actual chances of survival.
At this point, how the 100 billion won is “used” becomes critical. Depending on whether these funds prioritize wages, supplier payments, or rent, the speed of store normalization, the willingness of suppliers to resume shipments, and the negotiating stance of landlords will change. Ultimately, the 100 billion won brought forward by MBK must not be just a “pretext for extension,” but a “distribution of funds that can restore trust on the ground” to trigger further capital inflows.
The Homeplus rehabilitation phase has now moved from a numbers game to a structural battle. With the March 4 deadline approaching, the court will evaluate whether the 300 billion won DIP financing is feasible, whether a minimum consensus can be reached to resolve the conflict between collateral holders and on-site stakeholders, and whether changes to the governance structure—including replacing the administrator—can lead to actual normalization. MBK’s 100 billion won has shaken the board, but it has not yet guaranteed an “extension” of the rehabilitation process.