“I feel very responsible for the situation ahead of the start of the rehabilitation process…there are many willing to take over”
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(Seoul = Yonhap News) Reporter Choi Pyeong-cheon = Ye Byeong-tae Ssangyong-cha[003620] On the 7th, the president expressed his gratitude, saying, “I take full responsibility as a representative of the company for any reason for the situation that the company is about to commence the rehabilitation process again.”
President Yee sent an e-mail notifying the resignation to the executives and employees on this day, saying, “Because we are well aware of the shock and collapse that our employees will receive, it is a good idea to show that we are responsible for the results as the CEO who has been in charge of management so far.”
President Ye said, “The discussions with potential investors are currently being delayed, but we should not let go of hope,” he said. “As it is known that there are many willingness to take over Ssangyong Motor, I think it is too early to despair.”
“Unfortunately, the decision to commence the rehabilitation procedure is imminent as the inducement of new investors is delayed than planned,” he said.
“Ssangyong Motor has made preemptive self-rescue efforts such as returning wages, suspending welfare and selling assets,” he said. “He emphasized.
He said, “Although I leave the company today, I will not forget that I was a member of the Ssangyong Motor family and will cherish it as a great honor for life,” he said. “I will watch and support Ssangyong Motor with unchanging affection.”
President Yee said, “Employees and employees are the best SUV (sports utility vehicle) experts in Korea,” and “You must take pride in yourself. By securing new investors, you will be able to secure a stable business base as well as create a foundation for normalization of management. “I emphasized.
He added, “I hope that labor and all executives and employees will gather wise wisdom rather than conflict and antagonism to wisely overcome this crisis,” he added.
As the sale negotiations conducted by Ssangyong Motor and HAAH Automotive were delayed, Ssangyong Motor is expected to enter the corporate rehabilitation process as early as this week.
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It is expected that HAAH Automotive will not send a letter of intent (LOI) by the deadline required by the Seoul Rehabilitation Court (March 31), and Ssangyong Motor will go into court management without selecting a buyer.
President Ye’s succession has not been decided, and it is expected that Jung Yong-won (Head of Planning and Management Division), who led the sale negotiations, will take over as the manager of the corporate rehabilitation process. In principle, the existing management manager system is applied in the rehabilitation procedure, but a third party is appointed as the manager if the management is seriously responsible for the use, concealment, or insolvency of the property.
If the court’s appointment schedule is delayed, the start of Ssangyong Motor’s corporate rehabilitation procedures may be delayed.
Ssangyong Motor should find new investors with the start of the corporate rehabilitation process, but the industry believes that the sale will not be easy as HAAH Automotive, a leading investor, has actually stepped out.
Without a buyer, Ssangyong Motor will have to set up its own rehabilitation plan. India’s largest shareholder, Mahindra, has already announced that it will not invest in Ssangyong Motors, and Korea Development Bank, the main creditor bank, has offered to secure its own funds as a condition of support, so if there are no new investors, there is a possibility to enter the liquidation process.
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2021/04/07 10:33 sent