Chair Kim Byung-joo of MBK Partners and MBK Partners decided to provide a full joint guarantee for a 200 billion won emergency debtor-in-possession (DIP) operating loan to help revive Homeplus Co..
MBK Partners issued a statement on the 16th and said, "Chair Kim Byung-joo and MBK Partners have decided to provide a full joint guarantee for a 200 billion won emergency operating fund needed to revive Homeplus Co."
MBK said, "However, the board resolution of Meritz, Homeplus Co.'s main creditor group, has not been made yet," and noted, "The loan has not been finalized, nor have all procedures been completed."
MBK said, "If Meritz Financial gives final approval for the 200 billion won emergency operating loan, Chair Kim and MBK Partners will directly provide a joint guarantee for the entire loan."
MBK emphasized, "To free Homeplus Co. from the threat of bankruptcy, continue the rehabilitation process, and keep alive the spark for a return to normal operations, securing a 200 billion won emergency operating fund is absolutely necessary."
It added, "Across the period before and after the commencement of rehabilitation, we have already provided roughly 400 billion won in financial support through personal contributions, cash support, and joint guarantees," and noted, "Including this additional 200 billion won joint guarantee, the total financial burden will reach 600 billion won."
MBK expected that, if the rehabilitation process is maintained, it will be possible to preserve Homeplus Co.'s going-concern value and proceed with normalization of management, attraction of new investors, and mergers and acquisitions (M&A).