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Industry

Meritz to inject 200 billion won into Homeplus restructuring, MBK to guarantee loans

Meritz Financial Group decided to provide 200 billion won in emergency debtor-in-possession financing to support Homeplus\' restructuring, on condition that MBK Partners and its chairman provide joint guarantees for the full loan amount. Meritz Fire & Marine Insurance, Meritz Securities and Meritz Capital approved the DIP support at separate board meetings on Wednesday. Meritz said it made the decision to share hardships and fulfill social responsibility.

Finance

Kim Byung-ju, MBK to fully guarantee 200 billion won Homeplus DIP financing

Kim Byung-ju (김병주), chairman of MBK Partners, and MBK Partners plan to provide a full joint and several guarantee for 200 billion won in debtor-in-possession financing needed for Homeplus’ rehabilitation. MBK said it would guarantee the entire loan if Meritz gives final approval for the emergency operating funds. It said Homeplus needs the funding to continue operations and reduce damage to partners and suppliers. MBK said prior support totalled about 400 billion won.

Finance

Meritz urges MBK to play responsible role after Homeplus rehabilitation terminated

Meritz Financial Group said it regretted a court decision to terminate Homeplus\' rehabilitation procedure and urged majority shareholder MBK Partners to play a responsible role. Meritz said it had done as much as possible as a creditor within legal limits, including cooperation on a stay on collateral execution and a 100 billion won DIP financing escrow. It also said Chairman Kim Byung-ju has not guaranteed the DIP funding.