MBK: Will the promised conditional 200 billion won unconditional donation to Homeplus be implemented?

*This content was translated by AI.

MBK Partners (hereinafter MBK) is under intense scrutiny over whether it will fulfill its past commitment of a 'conditional 200 billion won unconditional donation' to resolve the Homeplus crisis.

As the largest shareholder, MBK stated in September last year that it would provide up to an additional 200 billion won unconditionally to Homeplus using future operating income as the source.

However, market analysts note that it remains unclear whether MBK has made any capital contributions or unconditional loans to Homeplus since announcing its public apology in September last year — a period of nearly nine months.

In this regard, according to the cash flow statement in Homeplus's recently disclosed audit report, the company raised approximately 60.7 billion won through loans over the one-year period from March last year, when it filed for corporate reorganization proceedings, to February this year. Accounting experts say no cash inflow attributable to capital contributions or donations was separately confirmed.

Notably, even when two companies — Harex Infotech and Snowmad — submitted letters of intent (LOI) to acquire Homeplus at the end of October last year, there were no publicly confirmed instances of MBK executing its conditionally pledged unconditional donation.

As a result, in the main bidding process for Homeplus held one month later, not a single party submitted a proposal. Since then, no entity has shown any intention to acquire Homeplus or publicly declared such intent.

Consequently, there are growing calls for MBK to provide concrete explanations regarding the meaning of its promise made in the public apology: "To alleviate the financial burden on M&A acquirers before regulatory approval, MBK will unconditionally contribute up to an additional 200 billion won to Homeplus using future operating income as the source." Specifically, what are the actual conditions and timing for executing this commitment?

With no confirmed donation from MBK, the largest shareholder, nor any new potential acquirer publicly identified, Homeplus's financial difficulties have deepened further. Store closures continue to occur, and reports indicate that even salary payments are becoming difficult. The Seoul Bankruptcy Court requested that Homeplus submit a plan to secure operating funds by the end of last month — coincidentally, the amount matches the 200 billion won unconditional donation MBK had pledged.

As Homeplus's liquidity situation worsens, doubts are even emerging within the industry about whether MBK will honor its conditionally promised 200 billion won unconditional donation. Although Marius Financial Group, Homeplus's largest creditor, announced it would provide 100 billion won in emergency operating funds (DIP) on the condition that MBK provides a guarantee, MBK has not disclosed any additional financial support plans beyond providing guarantees for loans taken by Homeplus in March this year — including no mention of donations.

The 'Emergency Response Committee for Victims of Homeplus Purchase Brochures' (hereinafter Emergency Committee) also emphasizes that MBK's donation is essential for Homeplus's recovery. In a press release issued on the 23rd, the committee stated: "Of the 200 billion won unconditional donation promised by MBK in September 2025, 100 billion won was executed in March 2026 in the form of DIP financing." It added, "This does not constitute the promised unconditional donation." The committee further stressed, "What Homeplus needs now is responsible capital injection with actual funds flowing in."

Meanwhile, MBK maintains that it has provided financial support for reorganization proceedings by offering credit and assuming financial burdens totaling approximately 400 billion won, including loan guarantees.

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*This content was translated by AI.