Kim Byung-joo, Chairman of MBK Partners, announced that he will personally contribute funds to ensure that small business owners supplying goods to Homeplus can receive their payments smoothly.
On the 16th, MBK Partners, a private equity fund (PEF) management company and shareholder of Homeplus, stated, "We will fulfill our social responsibility related to Homeplus's rehabilitation process," and added, "As part of this, Chairman Kim Byung-joo will arrange financial support to promptly pay the settlement amounts to small business partners expected to face difficulties," in a press release on the 16th.
Homeplus applied for corporate rehabilitation proceedings (court receivership) on the 4th after it became difficult to raise funds in the short-term money market following a downgrade in its credit rating at the end of last month.
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