The Democratic Party of Korea's Euljiro Committee is stepping in to mediate between MBK Partners, Homeplus's largest shareholder, and Meritz Financial Group, its largest creditor.
Democratic Party lawmakers Min Byeong-deok and Kim Nam-geun, both members of the Euljiro Committee, plan to meet Thursday with representatives of MBK Partners and Meritz Financial Group at an undisclosed location in Seoul, according to political and industry sources. They are also scheduled to meet with Kim Seong-ju, chairman of the National Pension Service.
Min announced the plans on Facebook, urging both parties to act. "This is the last chance for MBK and Meritz to resolve the crisis they created," he wrote, calling on them to "immediately secure the 200 billion won ($131 million) in operating funds the court has demanded."
The Euljiro Committee has been mediating between MBK Partners and Meritz throughout the Homeplus crisis. The meetings come ahead of a deadline to file an immediate appeal against the Seoul Bankruptcy Court's decision to terminate Homeplus's corporate rehabilitation proceedings. If 200 billion won is not raised by July 20, Homeplus will have no choice but to proceed toward bankruptcy.
The committee held a press conference at the National Assembly's communication hall on Tuesday, condemning MBK Partners and Meritz Financial Group. "If additional operating funds are not secured or a new acquirer is not found within the next two weeks, Homeplus will ultimately be forced into bankruptcy proceedings," the lawmakers said, calling on both parties to take responsibility for the situation they created.
However, the Democratic Party's broader response has been limited. A hearing by the National Assembly's Political Affairs Committee is unlikely to take place before July 20. Committee chairman Yoo Dong-su said at a plenary session Monday that he would pursue a hearing "once the opposition party's floor coordinator is appointed and inter-party consultations are held."
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