Homeplus secures W200b lifeline from Meritz to avert liquidation

Homeplus said Thursday that Meritz Financial Group agreed to extend 200 billion won ($135 million) in emergency financing to the cash-strapped retailer, keeping its court-supervised rehabilitation alive with only days left before liquidation.

Meritz's board approved the debtor-in-possession loan Thursday, contingent on MBK Partners chair Michael Byungju Kim personally guaranteeing the debt.

Meritz also agreed to cooperate with the subsequent approval of Homeplus's rehabilitation plan.

The agreem ...