Meritz Financial Group will provide 100 billion won in emergency operating funds (DIP financing) to support the rehabilitation of Homeplus. However, the group insists that guarantees from MBK Partners, Homeplus's largest shareholder, and Chairman Kim Byung-joo are essential.
On June 18, Meritz Financial Group held a board meeting and finalized the approval for the actual disbursement of funds to support Homeplus's corporate rehabilitation process.
The funds will be deposited into an escrow account by the morning of June 19, ahead of the July 3 deadline for the approval of the rehabilitation plan. The money will be released immediately once the guarantees from MBK Partners and Kim Byung-joo are confirmed to be legal and valid.
The market estimates that approximately 200 billion won is needed for Homeplus's rehabilitation plan. Consequently, Meritz Financial has urged MBK Partners to secure an additional 100 billion won for the rehabilitation process, beyond the initial 100 billion won.
This support aims to ensure job stability for Homeplus employees and alleviate the financial burdens faced by partner companies struggling with cash flow issues, thereby supporting Homeplus's essential business operations.
In addition, Meritz plans to actively assist in establishing subordinate collateral rights on Homeplus's trust assets, providing a foundation for Homeplus to secure additional operating funds.
Meritz Financial Group stated, "As a financial institution, we have proposed practical support measures to fulfill our social responsibility in Homeplus's rehabilitation and hope for prompt disbursement of funds." They added, "We urge MBK Partners, as the major shareholder and management responsible for Homeplus, to take full responsibility and quickly participate in providing the additional 100 billion won to save Homeplus."
* This article has been translated by AI.
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