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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.

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.

Finance

Can Homeplus be rehabilitated? Meritz and MBK escalate clash over responsibility for returns

A dispute between Homeplus\' controlling shareholder MBK Partners and its largest creditor, Meritz Financial Group, is intensifying over responsibility for funding emergency operating money needed for rehabilitation. The Seoul Rehabilitation Court has asked Homeplus to submit a 200 billion won financing plan by June 30, ahead of a July 3 deadline to approve the rehabilitation plan. Prosecutors’ investigation into alleged concealment tied to short-term securities issuance is also emerging as a variable.