Meritz Financi

Seoul Bankruptcy Court has reversed its earlier decision to terminate Homeplus' corporate rehabilitation proceedings, extending the case until 4 September after the discount retailer filed an appeal. The appeal was lodged on 20 July, contesting the court's 3 July ruling that sought to conclude the process after Homeplus failed to secure at least Won200 billion of required funding. The court recognized the appeal because operating funds have now been secured, following an agreement by Meritz Financial Group, the largest creditor, to provide financing backed by a full payment guarantee from sole owner MBK Partners. MBK Partners acquired complete ownership of Homeplus in 2015 from Tesco for Won7.2 trillion. In a separate development, South Korea's online retail sales exceeded 60% of combined sales among leading distributors for the first time in March, reaching 60.6% according to the Ministry of Trade, Industry and Energy.