Rehabilitation Court Appoints Kim Chang-young as Executive in Charge of Homeplus Restructuring

The Seoul Rehabilitation Court announced on the 11th that it has appointed a Chief Restructuring Officer (CRO) for the Homeplus case. The CRO position will be held by Mr. Kim Chang-young, a former executive director at Meritz Capital. The term of office is from the court's approval date until the conclusion or dismissal of the rehabilitation proceedings.

Yonhap News

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This decision was made based on the judgment that it is necessary to appoint a court-designated CRO recommended by the creditors' committee to effectively supervise the existing management, promote corporate rehabilitation, and enhance the fairness and transparency of the rehabilitation process, as well as to oversee the creditors' committee.

The CRO is responsible for the prior review and advice on various approval applications, creditor lists, affidavits, and rehabilitation plans submitted by the debtor company's legal administrator to the rehabilitation court in relation to the rehabilitation proceedings. The CRO also inspects the debtor company's cash flow situation and reports it to the rehabilitation court and the creditors' committee. Additionally, the CRO reviews other matters requested by the debtor company's legal administrator to obtain court approval.

The rehabilitation court explained that the CRO "will supervise and provide advice to the existing management and serve as a bridge between the debtor, the creditors' committee, and the court." Earlier, on the 4th, the rehabilitation court initiated corporate rehabilitation proceedings for Homeplus's proactive restructuring and on the 7th approved early repayment of rehabilitation claims.

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