[홈플러스 in 메리츠]② 일반 기업에도 부동산 PF식 회수 '닮은꼴'

This case reveals how traditional real estate project financing strategies—prioritizing senior secured creditor recovery—are being applied to operating companies like Homeplus, creating structural tension. While Meritz Finance holds legitimate first-priority secured interests in Homeplus stores, applying pure asset-recovery logic to a going concern risks cascading losses for suppliers, tenants, junior creditors, and employees. The situation underscores why restructuring operating businesses requires fundamentally different risk frameworks than real estate asset plays.