As the approval of Homeplus's reorganization plan is set to be decided this week, it has emerged that the approval rate for installment repayment of public creditors remains stagnant. With low repayment rates and uncertainty surrounding business normalization, creditor approvals are not increasing as quickly as expected, becoming a last-minute variable in the ratification of the reorganization plan.
According to the retail industry on the 31st, Homeplus's approval rate for installment repayment of public creditors, which is currently being conducted among creditors, is reported to be around 60%. While Homeplus plans to maximize the approval rate before the creditor meeting scheduled for next month on the 2nd, creditor responses remain lukewarm.
The approval rate for installment repayment of public creditors is considered a key variable in ratifying Homeplus's reorganization plan. Since Homeplus lacks the financial capacity to repay unpaid public creditors all at once, higher likelihood of realizing the reorganization plan depends on majority creditor consent for installment repayment. This is also why Seoul Bankruptcy Court has requested that creditor consent be obtained for installment repayment of public creditors. Public creditors, including wages, severance pay, and unpaid delivery payments (trade claims), amount to approximately 930 billion won. Of this, trade claims payable to partner companies total around 503 billion won.
Industry predictions suggest that the approval rate for installment repayment may not rebound significantly before the creditor meeting. Partner companies are raising concerns over low repayment rates. According to the reorganization plan, approximately 25 billion won in Marius-related secured trust bonds will be repaid immediately, and most of the 1.3 trillion won in senior secured trust bonds will be repaid by February 2028. In contrast, only 0.5% of partner companies' trade claims are scheduled for repayment by 2028. Partner companies worry that this structure, which defers repayment for an extended period, could trigger liquidity issues. It is also reported that approval rates remain low among companies that have not resumed supplying Homeplus and hold outstanding receivables.
Concerns also arise over stagnation in employee consent rates. The issue of delayed interest on severance pay has become a potential flashpoint. The shortfall in external deposits for Homeplus's severance pay amounts to 51.5 billion won, with the company planning to fully repay this by 2030. During the reorganization process, employees who resigned or recently left were unable to receive their severance pay on time due to the shortfall in external deposits, resulting in approximately 6% delayed interest. However, internal dissatisfaction has escalated as the company bundled this with partial payment of wages and bonuses without adequate explanation, seeking consent for non-payment.
Creditors' anxiety extends beyond current repayment conditions. Questions are also raised regarding whether Homeplus can actually secure the necessary funds to fulfill repayment obligations under the reorganization plan in the future. Concerns persist that if insufficient funds lead to inadequate product variety and worsening shopping environments due to staff shortages, profitability could be compromised. Additionally, the sale of closed stores may face delays depending on real estate market conditions.
An industry insider stated, "Some partner companies are showing resistance to repayment rates and long-term installment plans," adding, "Efforts to persuade the creditor group will continue until the end."
Meanwhile, a Homeplus representative said, "Since installment repayment calculations are not conducted continuously, it is difficult to determine the exact approval rate," and added, "The proportion of creditors opposing consent is not significant."
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