Korea’s Private Equity Debate in Focus as Homeplus Goes Unbid

The most closely watched corporate rehabilitation case in South Korea underscoring risks with private equity ownership just took a turn that threatens to deepen those concerns.

Troubled retail chain Homeplus Co., owned by buyout firm MBK Partners and in court receivership, didn’t receive any final bids by a deadline on Wednesday, the Seoul Bankruptcy Court said. That comes after it opened itself up to a potential takeover earlier this year in a step to avoid liquidation.