[Edaily Marketin Hur Jieun Reporter] Homeplus has reestablished a foundation for recovery through a major compromise involving its major shareholders, creditors, labor unions, and political circles. This comes after MBK Partners and its chairman, Kim Byung-ju, raised the joint guarantee limit to 200 billion won, and Meritz Financial Group, the largest creditor, decided to provide emergency operating funds (DIP) of the same amount. Homeplus plans to file an immediate appeal with the court on the 20th and accelerate efforts to normalize operations and proceed with the sale.

According to the investment banking (IB) industry on the 16th, three companies within the Meritz Financial Group—Meritz Securities, Meritz Fire & Marine Insurance, and Meritz Capital—each held board meetings that day and gave final approval to a proposal to provide 200 billion won in DIP financing to support Homeplus’s recovery. Meritz Financial stated in a press release, “We decided to provide full support to share the hardships faced by Homeplus employees and small business owners and to fulfill our social responsibility as a financial institution,” adding, “We hope this will serve as a catalyst for Homeplus’s recovery.”

With this, a credit enhancement structure has been finalized in which MBK Partners and Chairman Kim Byung-ju provide a joint and several guarantee for the full 200 billion won, while Meritz disburses the funds. Meritz Financial had previously been reluctant to provide an additional 100 billion won in support, citing risk management and the need to enhance shareholder value. However, it appears the company made a last-minute decision in response to public calls to prevent a catastrophe, including widespread job insecurity and the domino-effect bankruptcies of suppliers and affiliated companies.

ENPLUS plans to file an immediate appeal with the Seoul Bankruptcy Court on the 20th, challenging the decision to terminate the reorganization proceedings. By submitting the documents within the deadline for an immediate appeal set by the court on the 3rd, follow-up procedures—such as the execution of DIP financing and the approval of the reorganization plan by major creditors—are expected to proceed with the court’s authorization.

Once the disbursement of funds is finalized, Homeplus will immediately complete its restructuring efforts and set out to restore competitiveness in its core business. Homeplus’s large-scale supermarkets nationwide, which have been temporarily closed since the 13th, are also expected to reopen soon. Homeplus stated that as soon as the court issues a decision to extend the reorganization proceedings, it will establish and announce a specific schedule for resuming operations following close consultation with its business partners.

The labor unions also plan to cooperate during the upcoming store closure process. The Homeplus Supermarket Industry Labor Union and the General Labor Union have agreed to cooperate to minimize the company’s financial burden during the closure of 37 stores. The aim is to lay the groundwork for using the funds secured through this process to normalize operations, such as purchasing merchandise.

A Homeplus official stated, “This agreement is significant not only because it secures operating funds but also because it has fostered a strong consensus among key stakeholders to continue the reorganization process,” adding, “If major creditors give their consent, the likelihood of the reorganization plan being approved will increase significantly.”