▲ Financial Services Commission Chairman Lee Eok-won answers lawmakers' questions during a plenary session of the National Assembly's National Policy Committee on the 29th. On the right is Financial Supervisory Service Governor Lee Chan-jin.
Financial Supervisory Service Governor Lee Chan-jin stated today (the 29th) that it is inappropriate under current law for debtor-in-possession (DIP) emergency operating funds injected by MBK Partners and Meritz Financial to take priority over Homeplus electronic short-term bond investors for repayment, adding that legislative correction is necessary.
During a meeting of the National Assembly's National Policy Committee, when asked by Democratic Party of Korea lawmaker Kang Jun-hyeok about the repayment priority between Homeplus electronic short-term bond investors and the funds injected by MBK Partners and Meritz Financial, Governor Lee responded, "It is inappropriate for those who bear management responsibility to separate and recover their own funds as public interest claims (which have top-priority repayment rights)."
According to Article 179 of the Debtor Rehabilitation and Bankruptcy Act, claims that become public interest claims include "claims arising from the borrowing of funds and other acts performed by the custodian after the commencement of rehabilitation procedures regarding the business and property of the debtor."
Governor Lee drew a line, stating, "The concept of a custodian under this provision does not presuppose DIP financing of this nature (as seen in the Homeplus situation)."
He added, "The FSS's position is that if there are issues in interpretation, it needs to be corrected through legislation," and said, "We intend to discuss this matter and present our stance in consultation with the Financial Services Commission."
However, he noted regarding the situation, "MBK has stated it will waive (its priority repayment rights), while Meritz requires verification."
Meritz Financial Group held a board of directors meeting on the 16th and decided to fully support 200 billion won in DIP loans for the rehabilitation of Homeplus, conditioned on guarantees from Homeplus controlling shareholder MBK Partners and Chairman Kim Byung-ju.
The portion that MBK decided to waive is interpreted as referring to the DIP financing it had previously injected prior to this.
(Photo: Yonhap News)
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