Seoul Court Terminates Homeplus Restructuring Over 2 Trillion Won Funding Gap Between Meritz and MBK

According to Financial News, Seoul Bankruptcy Court terminated Homeplus restructuring proceedings on July 3 after the court found insurmountable financing disagreements between key backers. The court's decision document revealed that Meritz Financial Group stated it could not provide funding beyond 1 trillion won, while MBK Partners indicated willingness to guarantee an additional 1 trillion won if Meritz committed the full 2 trillion won needed for the turnaround plan.

The court determined the proposed funding arrangement lacked sufficient certainty to support the restructuring plan and opted to terminate proceedings instead. The Homeplus Labor Union subsequently called on both parties to deliver the 2 trillion won within 14 days, warning that failure would lead to the company's collapse and impact 100,000 employees.