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Search results for Meritz Financial Group

Industry

MBK cancels 2.4 million Homeplus shares without compensation, wiping out 2.5 trillion won stake

MBK Partners’ 2.4 million Homeplus common shares were cancelled without compensation under a Homeplus rehabilitation plan approved by the Seoul Bankruptcy Court, eliminating shareholder rights including control. The cancellation removes the need for a new buyer to purchase the former controlling shareholder’s existing shares in any future M&A. MBK had said it would accept the cancellation. The plan’s implementation faced hurdles after Homeplus failed to secure 200 billion won in emergency funding, but financing was arranged later.

Finance

Samsung Securities commercial paper licence seen as green light, Meritz still in fog

Samsung Securities is seen as closer to winning approval to issue short-term commercial paper as regulators consider lowering sanctions linked to sales misconduct at key branches. The Financial Services Commission is expected to decide on the sanctions at its July 31 meeting, and the licence agenda could reach a Sept. 9 meeting. Meritz Securities, meanwhile, has not advanced its application, with prosecutors investigating alleged unfair trading and other issues weighing on timing.

General News

Homeplus store sale proceeds spark fresh clash over operating funds and debt recovery

Homeplus, facing possible bankruptcy after a decision to scrap its rehabilitation procedure, has become embroiled in another dispute over how to use proceeds from the sale of closed stores. The retailer is pursuing a sale worth about 170 billion won for 2 stores. It wants to use part of the money as emergency operating funds, but its largest creditor, Meritz Financial Group, is said to favor debt recovery. The Democratic Party has urged MBK Partners and Meritz to secure funding and is seeking a hearing.