As the blame game continues between majority shareholder MBK Partners and largest creditor Meritz Financial Group over securing emergency operating funds for Homeplus Co., the Homeplus general union proposed a three-way meeting with both sides and the union. Meanwhile, a meeting scheduled that day between the Homeplus union under the Korean Confederation of Trade Unions (KCTU) and MBK management was canceled the same day, drawing a backlash from the union.
On the 14th morning, Lee Jong-seong, chairperson of the Homeplus Co. general union, and other union officials held a closed-door meeting with Meritz Financial Group executives at the Seoul Southern District Office of the Ministry of Employment and Labor (MOEL). At the meeting, the union proposed that MBK, the majority shareholder of Homeplus Co., Meritz Financial, the largest creditor, and the union gather in one place to discuss ways to raise emergency operating funds.
Meritz Financial reiterated in the meeting its existing position that it deposited a 100 billion won emergency operating fund (DIP) loan into an escrow account on the condition of a guarantee from MBK and MBK Chairperson Kim Byung-ju. It also maintained that the remaining funds needed for Homeplus Co.'s recovery should be borne by MBK, the majority shareholder.
Chairperson Lee said, "We cannot resolve an issue tied to the livelihoods of workers related to Homeplus Co. based solely on emotions or each side's logic between MBK and Meritz," and added, "Both MBK and Meritz must bear a certain level of moral responsibility for Homeplus Co.'s recovery."
However, the meeting that Kim Kwang-il, MBK vice chairperson, and the Homeplus branch of the Mart Industry Labor Union under the Korean Confederation of Trade Unions (KCTU) were set to hold the same day fell through. Homeplus Co. has two unions: the mart union and the general union.
The mart union planned to meet Kim at 3 p.m. at Homeplus Co.'s headquarters in Gangseo District, Seoul, to demand the preparation of 200 billion won in emergency operating funds and an immediate appeal against the decision to terminate the rehabilitation process.
MBK reportedly conveyed around 10 a.m. that day, through Homeplus Co.'s human resources department, its intention to postpone the meeting. It did not provide a specific reason for the delay or a new meeting schedule.
In a statement, the mart union said, "It is hard to accept a unilateral notice of postponement on the day without even stating a clear reason," and demanded that MBK formally explain why it canceled. The union also delivered an official letter asking for the reason for the postponement and the future schedule.
Earlier, on the 10th, Homeplus Co. workers affiliated with the mart union staged a sit-in at MBK's headquarters in Gwanghwamun, Seoul. At the time, MBK proposed a meeting with the vice chairperson, and the union ended the sit-in in about an hour. The union criticized MBK for failing to keep the meeting promise that had been arranged on the condition of halting the sit-in.