A South Korean court ruled on Friday to scrap corporate rehabilitation proceedings for ailing retailer Homeplus owned by private equity firm MBK Partners.
Homeplus has failed to raise about 200 billion won ($130 million) needed to execute the restructuring plan it had submitted at the end of 2025, the Seoul Bankruptcy Court said in its ruling, adding that its debt continues to mount due to a decline in sales.
Homeplus has divested a division but has failed to find a buyer for the rest of the company.
The court said Homeplus has 14 days to appeal the ruling.
($1 = 1,539.9000 won)
Reuters
