Homeplus secures 200 billion won but faces major funding hurdles in 2030 and 2037

Homeplus has secured a 200 billion won (approximately $144.1 million) DIP loan from Meritz Financial Group, guaranteed by majority shareholder MBK Partners, avoiding an immediate liquidity crisis but not resolving its longer-term funding needs. Under the second amended rehabilitation plan obtained by Kukmin Ilbo, Homeplus plans to sell 23 company-owned stores, including locations in Daejeon Yuseong, Gyeonggi Yatap and East Gwangju, to raise 1.42 trillion won (approximately $1.0 billion), including proceeds from the Busan Seomyeon sale and non-core sites such as Seoul Junggye and Gyeonggi KINTEX. The company expects to borrow 591.8 billion won (approximately $426.3 million) in February 2030 to repay 812.1 billion won (approximately $584.9 million) in public-interest claims, which have priority under current law. In 2037, it plans to refinance 914.3 billion won (approximately $658.5 million) to complete repayment of general rehabilitation claims, more than double the 410.1 billion won (approximately $295.4 million) proposed in the first plan. Although Homeplus forecasts 218.2 billion won (approximately $157.2 million) in operating profit in 2037, its revised forecast cuts 2028 revenue to 3.38 trillion won (approximately $2.4 billion) and operating results to a 10.3 billion won (approximately $7.4 million) loss. The company then projects 2029 revenue of 4.12 trillion won (approximately $3.0 billion) and operating profit of 124.2 billion won (approximately $89.5 million). A financial industry source said successful execution over the next ten years is not guaranteed, as the 2030 and 2037 funding plans depend on earnings, collateral values and financial market conditions.

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