Meritz Financial to Provide 100 Billion Won in DIP Financing for Homeplus Rehabilitation... "Immediate Execution Upon MBK, Kim Byung-joo Guarantee"
Meritz Financial Group has decided to provide 100 billion won in emergency operating funds (DIP financing) to support Homeplus' corporate rehabilitation. However, the funds will be executed as soon as the guarantees from MBK Partners and Chairman Kim Byung-joo are confirmed.
Meritz Financial Group announced that it will deposit 100 billion won in DIP financing for Homeplus' rehabilitation into an escrow account by the morning of June 19. The funds will be executed immediately once it is confirmed that the guarantees provided by MBK Partners and Chairman Kim Byung-joo are legal and valid.
In addition, Meritz Financial Group plans to cooperate in establishing a subordinated lien on Homeplus’ trust assets. Through this, the company aims to support Homeplus in securing additional operating funds and continuing its rehabilitation process.
On June 18, Meritz Financial Group held a board meeting and gave final approval for the actual injection of funds to support Homeplus’ corporate rehabilitation process.
However, the board concluded that guarantees from MBK Partners and Chairman Kim Byung-joo are necessary, taking into account ongoing shareholder opposition, including the announcement of collective lawsuits in relation to additional financial support for Homeplus, as well as the legal obligations of shareholder loyalty under the revised Commercial Act.
Meritz Financial Group stated, "As a financial institution, we have proposed practical support measures to fulfill our social responsibility during Homeplus’ rehabilitation process," adding, "We hope that the necessary procedures will be completed swiftly so that the funds can be executed as early as possible."
Hot Picks Today
"Banks Roll Out 'High-Interest Specials' Offering Up to 7-13% a Year: 'Why Not Choose Savings Over Stocks?'"
- Up to 100,000 Won per Person, 140,000 Won for Young Adults Refunded Through ‘Half-Price Travel’ Again... “52 Billion Won Invested, 162 Billion Spent Locally”
- Soojung Lee Raises Doubts about Jang Miran's Cause of Death: "A Young Woman Hanging Herself from a Palm Tree at Night? That's Laughable"
- "These Potatoes Are Too Small for Fries"... What’s Happening in the Home of French Fries?
- "The Route from Apartments to the Han River Is Dark and Dangerous"... Apgujeong, Seongsu, and Yongsan Celebrate as Banpo 'This Park' Is Approved [The Future of Parks ⑨]
The group went on to emphasize, "As Homeplus’ largest shareholder and management leader, MBK Partners must fulfill its responsible role," and, "They should participate in the additional 100 billion won support and take tangible action to help normalize Homeplus’ operations."
© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.
