MBK Partners has announced its decision to prioritize the execution of emergency operating funds (DIP) of 1 trillion won to stabilize Homeplus.
According to the industry on the 25th, MBK has decided to execute 1 trillion won out of the total 3 trillion won DIP loan that is being pursued. Earlier, it was mentioned that Industrial Bank and Meritz Financial Group would each share 1 trillion won, but cooperation has been lacking. Therefore, MBK has taken a proactive stance to execute the funds first, regardless of support from other parties.
Seoul Rehabilitation Court has requested a recommendation for a new administrator from shareholders, creditors, and labor unions. It has been reported that even in the event of a change in administrator, the prioritized execution of 1 trillion won is still possible. If the DIP loan is implemented, there is a prospect of breathing room for securing operating funds, which is a prerequisite for the normal operation of Homeplus.
Homeplus stated that it is smoothly implementing the structural innovation plan outlined in the rehabilitation plan on the day, and expressed the need for an extension of the rehabilitation process. The plan includes the sale of the supermarket business division (Homeplus Express), the consolidation of 41 underperforming stores, and workforce efficiency.
According to Homeplus, due to workforce efficiency, the number of employees decreased from 19,924 before the start of the rehabilitation process to 16,450, a reduction of 3,474 (17.4%). An estimated 160 billion won in labor costs is expected to be saved. Of the 41 stores to be consolidated, 19 are planning to close by the end of the year. It is forecasted that the effect of improved operating profit due to rent adjustments and the consolidation of underperforming stores will exceed 1 trillion won.