SEOUL, Dec. 1 (UPI) -- Troubled South Korean discount chain Home Plus said Monday it would continue to seek a new owner this month, even though no one applied to purchase it before the Nov. 26 deadline.
The country's leading private equity fund, MBK Partners has attempted to sell Home Plus, which is currently under court receivership, since June. However, the Seoul Bankruptcy Court confirmed that no bid proposals had been submitted as of last week.
Against this backdrop, politicians are criticizing MBK, which spent nearly $5 billion to acquire Home Plus in 2015. Earlier this year, MBK gave up its rights to $1.7 billion worth of common equity in the Seoul-based retailer.
"To accelerate the sale of Home Plus, MBK needs to make it an attractive company. But MBK does not appear to be serious about such efforts," Rep. Min Byung-deok of the ruling Democratic Party told UPI.
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