MG Sonbo No Bids... Third Sale Also Fails

[Image source=Yonhap News]

MG Insurance's attempt to sell has failed once again.

According to the insurance industry on the 19th, no one participated in the main bid held that afternoon for MG Insurance, resulting in a failed auction. This marks the third failed attempt to sell the company.

Pre-bidders who submitted letters of intent (LOI) in April, the domestic PEF management firm 'Daily Partners' and the US-based PEF management firm 'JC Flower,' ultimately did not participate, leaving MG Insurance with the choice of liquidation or resale.

MG Insurance's major shareholder is JC Partners, but as it has been designated a distressed financial institution, the Korea Deposit Insurance Corporation (KDIC) has been entrusted to manage the sale. As of the end of last year, MG Insurance's K-ICS ratio stood at 77%, and to meet the financial authorities' recommended level of 150%, a new acquirer would need to inject approximately 800 billion KRW in capital.

The financial authorities are expected to hold discussions with KDIC regarding the future resale of MG Insurance and related matters.

This content was produced with the assistance of AI translation services.