Injection of emergency funds essential to revive Homeplus: CEO

An injection of emergency operating funds would help revive financially troubled discount store chain Homeplus, a company executive has said, dismissing any chance of liquidation. Homeplus submitted its rehabilitation plan to the Seoul Bankruptcy Court last month, with creditors raising no objections to the proposal. The program focuses on business reorganization and a merger and acquisition (M&A) process to find a new owner after court approval of the plan. It also includes measures to secure emergency operating funds worth 300 billion won ($205 million), shut down dozens of loss-making outlets, offload non-core business units and relocate workers. "There might be a crisis in one to two weeks from now as product volumes at Homeplus outlets have nearly halved compared to normal operating times. An urgent injection of emergency funds will help normalize the company's operations," Homeplus co-Chief Executive Officer (co-CEO) Joh Joo-yun told Yonhap News Agency in a recent interview. The court and creditors represented by Meritz Securities view a cash injection as a positive approach, she sa