[홈플러스 M&A] 익스프레스 매각 '청신호'…메리츠 협조 '관건'

Homeplus Express sale offers a potential lifeline through approximately 300 billion won in proceeds to address acute liquidity challenges and reduce debt burden. However, the restructuring's success critically depends on whether Meritz Financial—which holds 1.2 trillion won in senior secured claims—will cooperate on debt restructuring, as the creditor currently benefits regardless of Homeplus's outcome. This case reveals structural tensions between creditor incentives and corporate rehabilitation in Korea's retail sector.