MBK: "Homeplus Rehabilitation Is a Public Proceeding Conducted Under Court Supervision"

"MBK Cannot Directly Operate or Decide on Rehabilitation Procedure"

Refutes Claims of Investment Recovery

"Entire 2.5 Trillion Won Investment Written Off"

Private equity fund (PEF) manager MBK Partners has issued a statement regarding the Homeplus rehabilitation proceedings. MBK refuted claims that it could be involved in the rehabilitation process or that it has already recovered its investment.

On May 15, MBK stated through a press release, "Recently, a variety of concerns and opinions have been raised regarding the Homeplus rehabilitation proceedings," and clarified its position accordingly.

First, MBK emphasized that the Homeplus rehabilitation process is a public proceeding conducted under the management and supervision of the rehabilitation court. MBK stated, "Currently, the Homeplus rehabilitation proceedings are being carried out under the management and supervision of the rehabilitation court in accordance with the 'Debtor Rehabilitation and Bankruptcy Act.' Since the commencement of the rehabilitation process, the company's operations and rehabilitation plan have been managed by the court-appointed administrator, and all major matters are handled through consultation with creditors and various stakeholders, as well as through court approval procedures." MBK added that it is a misunderstanding to believe that MBK, as the largest shareholder, is directly managing the rehabilitation process or making independent decisions, as this does not reflect the actual structure of the proceedings.

Additionally, MBK stated that claims suggesting it has already recovered its investment are not true. MBK said, "After the commencement of the rehabilitation proceedings, the entire KRW 2.5 trillion in existing investment was written off without compensation, and not a single won has been recovered to date."

Furthermore, MBK emphasized that the sale of Homeplus Express was not an independently driven transaction aimed at asset recovery. MBK explained, "This transaction was carried out as part of the rehabilitation process and was promoted as part of a structural innovation plan to enhance the viability of Homeplus. While the sales proceeds to be received from NS Home Shopping are KRW 120 billion, the enterprise value of the Express business division, including its debts, is understood to have been assessed at around KRW 300 billion."

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