Homeplus has won a reprieve: Now it must earn back trust
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Homeplus has narrowly avoided collapse. On Wednesday, the Seoul Bankruptcy Court approved the retailer’s rehabilitation plan, clearing the way for it to begin repaying its creditors under a restructuring agreement. The decision gives Homeplus a vital lifeline, but it should not be mistaken for a recovery. It is, at most, the beginning of one. The plan was given the green light after universal approval by secured rehabilitation creditors and shareholders, along with 75.9 percent of unsecured reha
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