[홈플러스 in 메리츠]① 회생이든 청산이든 원금은 다 건진다

Meritz Financial Group can recover its principal investment in Homeplus regardless of whether the company survives restructuring or undergoes liquidation, due to their strategically structured senior lien on 62 hypermarket locations as collateral trustees. This financial structure dramatically weakens Meritz's incentive to inject additional emergency operating funds, allowing them to maintain a passive stance while preserving near-complete principal recovery through secured creditor rights. The asymmetric risk distribution makes it economically rational for Meritz to maximize collateral value extraction without assuming further risk, fundamentally undermining the restructuring process that depends critically on their support.