The ruling party moved to pressure MBK Partners to help revive Homeplus Co..
Kang Jun-hyun, senior spokesperson of the Democratic Party of Korea, met with reporters at the National Assembly on the 9th and said, "The National Policy Committee is considering holding a hearing on Homeplus Co., and the party's Euljiro Committee plans a three-way meeting on the 9th with MBK Partners and Meritz Financial Group."
Homeplus Co. will enter bankruptcy proceedings if it fails to secure 200 billion won in additional operating funds requested by the court by the 20th. Homeplus Co. asked its primary creditor, Meritz Financial Group, for an emergency loan of 200 billion won in operating funds, but the financing fell through as MBK Partners has stuck to a position that it will guarantee only 100 billion won.
The Democratic Party plans to pressure MBK Partners on multiple fronts. In addition to the three-way meeting, it also signaled talks with the National Pension Service. As the Financial Supervisory Service handed down heavy sanctions on MBK Partners, the party says the National Pension Service should withdraw funds invested in MBK Partners. If MBK Partners is not proactive in reviving Homeplus Co., the party is likely to ratchet up the pressure.
Democratic Party lawmakers on the National Policy Committee also held a press conference at the National Assembly the same day and urged that "with less than two weeks left in the grace period before the end of court receivership, holding a hearing on Homeplus Co. and preparing regulatory measures for private equity funds are tasks the National Assembly must urgently resolve regardless of party."