“There is a person who is willing to take over, don’t despair”
The start of the rehabilitation procedure is also expected to be delayed.
Ssangyong Motors President Ye Byung-tae expressed his gratitude on the 7th. With the resignation ahead of the start of the rehabilitation process, the start of the corporate rehabilitation process is also expected to be delayed.
On that day, President Ye said, “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,” he said.
He explained, “The discussions with potential investors are currently being delayed, but we should not let go of hope.”
“Unfortunately, the decision to commence the rehabilitation process is imminent as the inducement of new investors is delayed than planned. A lot of confusion and difficulties are expected to be overcome again.” Even though doubts about the company’s survival were raised due to the announcement of the large shareholder’s withdrawal of the investment plan, it has overcome the confusion and difficulties well over the past year.”
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.”
President Ye seems to have expressed his gratitude for taking responsibility for the delay in negotiations for the sale of shares with HAAH Automotive, which has been continuing since last year. In particular, when going to the rehabilitation process, President Ye becomes the manager of the corporate rehabilitation process, and there is also an interpretation that there will be a burden to leave the manager in charge of the manager, who is responsible for the breakdown of negotiations.
With President Ye’s resignation, the rehabilitation procedure, which was expected to commence within this week, is likely to be postponed. In December last year, Ssangyong Motors applied for a self-regulatory restructuring support program (ARS) with a three-month suspension of its start-up when it applied for corporate rehabilitation procedures.
In the meantime, it was planned to complete the sale negotiations with HAAH Automotive, but the sale negotiations were delayed and the rehabilitation proceeded.
Yes to take on a role in the rehabilitation process When the president resigns, the court appoints a new manager.
In general, the CEO of a company automatically becomes the manager, but a third party can be appointed as the manager. Appointment of a third-party manager takes more time than the managerial manager system because the rehabilitation court sends an inquiry to the Supreme Court Rehabilitation Bankruptcy Committee to receive opinions.
However, even in this situation, the industry believes that the rehabilitation process will start next week at the latest as the court declared prompt court management.
/ Reporter Ji-young Shin [email protected]