▲ A Homeplus Express store (Yonhap)

Homeplus-rehabilitation

Court extends deadline for approval of Homeplus' rehabilitation plan to May

SEOUL, March 3 (Yonhap) -- A bankruptcy court on Tuesday extended the deadline for approval of the troubled discount store chain Homeplus Co.'s rehabilitation plan by two months to May 4.

The Seoul Bankruptcy Court accepted Homeplus' extension request filed the previous day ahead of the initial deadline set for Wednesday, one year after the retailer entered court-led rehabilitation proceedings amid liquidity woes.

By law, the rehabilitation plan must be adopted within one year from the start of rehabilitation proceedings, but the deadline can be extended by up to six months.

The retailer reportedly asked for the extension as it needs more time to review multiple bids for its supermarket business unit that it seeks to offload.

Private equity firm MBK Partners, which wholly owns Homeplus, also reportedly pledged to inject 100 billion won into the company by next Wednesday and not seek the repayment of the funds even if the rehabilitation effort fails.

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