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Industry

Lotte Holdings receives apology letter from Lotte Card after sales sanctions

Lotte Holdings said it received an official apology letter from Lotte Card after financial authorities imposed sanctions on the card issuer. The Financial Services Commission confirmed on July 31 a 1.5-month partial suspension of some of Lotte Card\'s business operations. In the letter, Lotte Card apologised for inconvenience to customers of Lotte Holdings and its affiliates and said it would focus on customer support during the suspension period.

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.