한샘, 자사주 매입 카드 꺼냈다…IMM PE 인수금융 연장 '시험대'

Hanssem's $500 million share buyback is strategically timed with debt refinancing negotiations scheduled for December, revealing financial distress rather than genuine shareholder value initiatives. With stock prices collapsed 85% since IMM PE's 2021 acquisition and both LTV and EBITDA metrics breaching financial covenants, the furniture company faces critical refinancing pressure amid structural industry downturn. This maneuver exemplifies how leveraged buyouts become vulnerable when operational cash flow deteriorates, forcing companies to use stock price defense tactics as negotiating leverage.