(News1)
NS Shopping, an affiliate of South Korea’s Harim Group, has signed a definitive agreement to acquire the business rights of Homeplus Express from Homeplus as the retailer continues its corporate rehabilitation process.
Homeplus said Thursday that it signed a business transfer agreement with NS Shopping, the preferred bidder for the supermarket division Homeplus Express.
Under the agreement signed Thursday afternoon, Homeplus will receive 120.6 billion won ($83.2 million) in cash from NS Shopping.
The two sides also agreed that NS Shopping would assume and repay part of Homeplus Express’ outstanding debt, although the exact amount was not disclosed.
Homeplus filed for court-led rehabilitation proceedings in March last year as part of a preemptive restructuring effort and has remained under the corporate rehabilitation process for more than a year.
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