Homeplus issued a public apology Friday, for the first time since the company began its court-led rehab process.

MBK Partners, the largest shareholder in Homeplus, also strongly denied allegations that it had prior knowledge of the hypermarket chain’s credit rating downgrade.

Homeplus CEO Joh Joo-yun, MBK Partners Vice Chairman Kim Kwang-il and other Homeplus executives held their first press conference since the start of the corporate rehabilitation process.

Joh apologized for the current situation and to those that have been inconvenienced by the court-led rehab process, adding that the company will do its utmost to normalize the situation.

Kim said the decision to apply for rehabilitation was made urgently after the credit rating downgrade was confirmed, adding that it’s the only way to prevent Homeplus from going bankrupt.