South Korea's Democratic Party Files Hearing Into Homeplus Bankruptcy, 67 Stores Halt Operations on July 15

According to Yonhap Infomax, on July 15, South Korea's Democratic Party announced it would launch a hearing against MBK Partners and Meritz Financial over the Homeplus bankruptcy crisis. Homeplus suspended operations at all 67 stores on July 13 after exhausting operating funds, affecting over 13,000 employees and related suppliers.

The Seoul Rehabilitation Court ruled on July 3 to terminate Homeplus' restructuring proceedings. If MBK and Meritz fail to secure 200 billion Korean won in funding by July 20, the court's decision becomes final, triggering formal bankruptcy.