Homeplus has requested consent from its supplying partner companies for the installment repayment of public-interest claims in order to obtain approval of its rehabilitation plan, but the consent rate remains at around 30 percent. While the consent rate among employees for sharing hardships exceeds 75 percent, Homeplus's general union has even taken direct action to persuade partner companies, betting everything on raising the consent rate.
According to Homeplus's general union on the 26th, with the deadline for voting on the rehabilitation plan approaching next month on the 4th, Homeplus requested consent from public-interest creditors for "installment repayment of public-interest claims and deferral of payment deadlines," but the consent rate among supplying partner companies remains at around 30 percent.
Under Homeplus's second rehabilitation plan, unpaid merchandise payments amount to approximately 503 billion won across 1,267 companies. Partner companies that continue to supply goods to Homeplus are positively viewing the possibility of rehabilitation and tend to consent, whereas those that have ceased transactions and are left only with outstanding receivables appear lukewarm toward consent.
Homeplus considers the consent rate for installment repayment by public-interest creditors a key variable determining whether the rehabilitation plan will be approved. If the burden of repaying public-interest claims is excessive, the feasibility of implementing the rehabilitation plan would be assessed as low, inevitably having a negative impact on approval.
Accordingly, Homeplus's general union emphasizes that if the rehabilitation plan is approved, M&A (mergers and acquisitions) procedures will officially begin after approval, and once a sound acquiring entity is secured, deferred public-interest claims can be repaid early as a top priority. Conversely, if the rehabilitation plan fails to gain approval and the procedure is terminated, liquidation proceedings would follow, resulting in lower repayment ratios for creditors and inevitably delayed payment timing.
The union side stressed that employees are also actively participating in sharing hardships. Employees have consented to measures such as a two-month deferral of salary payments and an extension of the deadline for retirement savings, with related consent rates reaching 75 percent. Furthermore, with sales reaching 44 billion won just four days after reopening, demonstrating operational competitiveness and revenue-generating capabilities, the union holds that if relations with partner companies are restored, product assortments will also be quickly normalized. The return of tenant stores and small businesses, which is breathing new life into the stores, was also evaluated positively.
To raise the consent rate among partner companies, the union has decided to take direct action. Judging that persuasion by management alone has limits, the union plans to directly contact all 1,267 partner companies with outstanding merchandise payments by sending official letters and making phone calls, explaining the possibilities of rehabilitation and normalization plans.
Homeplus's general union stated, "If supplying partner companies make decisive choices, Homeplus can achieve complete business normalization through swift M&A," and "We earnestly appeal for active participation in consenting to the installment repayment of public-interest claims and deferral of payment deadlines."
A retail industry official remarked, "At gatherings of relevant parties, major creditor groups will likely prioritize the will to rehabilitate shown by partner companies and employees," and evaluated that "the key to obtaining approval for the rehabilitation plan lies in how much the consent rate for deferring public-interest claims among partner companies can be raised during the remaining period."
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