【Youth Daily】 The court is known to be aiming for early graduation from court officials following the start of the procedure for Ssangyong Motor’s rehabilitation process.
According to industry sources, on the 4th, the Saul Rehabilitation Court verbally informed Ssangyong Motor’s position that it would review early graduation when entering the corporate rehabilitation process.
It usually takes more than a year to complete the regeneration process, but it seems to mean that it will shorten it as much as possible.
The court will decide whether to start the rehabilitation process for Ssangyong Motors as early as the 8th, at the latest next week.
In general, the court compares the corporate’s continuing enterprise value with the liquidation value to decide whether to commence the rehabilitation process, and when the commencement is decided, it undergoes procedures such as filing a claim, an investigation, and a rehabilitation plan submission.
When Ssangyong Motor submits a rehabilitation plan, including the rate of cancellation of rehabilitation bonds, the court asks the creditors whether they agree or not.
However, the view that creditors would not want Ssangyong Motor’s bankruptcy is predominant as the scale of public interest bonds that can be repaid regardless of the rehabilitation procedure reaches 370 billion won.
On the other hand, when Ssangyong Motor goes bankrupt, it is estimated that only direct unemployed people will reach 20,000, including 300 general purchasers such as employees, business partners, and food materials.
Meanwhile, there is a prospect that the government, ahead of next year’s presidential election, will not be putting hands on mass production of 20,000 unemployed people.
In the industry, it is estimated that there will be 3 to 4 candidates, including Edison Motors, a domestic electric bus company, who have expressed their intention to acquire Ssangyong Motor after legal administration. Among them, it is known that a mid-sized company that was a partner of Ssangyong Motors was also included.
An industry insider said, “Considering that HAAH Automotive also planned to invest about 280 billion won, we know that some companies that can input cash of 200 to 300 billion won are showing interest.” I think I can see it,” he said.
As Ssangyong Motor’s legal management practices become a prerequisite, there are several Ssangyong Motor employees who are prematurely departing from the prospect that manpower restructuring will be inevitable during legal management.
The number of Ssangyong Motor employees has decreased from 5,3 as of the end of 2019 to 4,869 as of the end of last year. Even entering this year, resignations are continuing.
In the case of the infotainment part in the research center, 12 out of 13 researchers quit, and only one is reportedly left.
The bankruptcy of partner companies is also following.
An official from the company said, “Of the small companies that delivered 3 billion to 4 billion won per year, 7 to 8 companies have already failed and disappeared without sound rumors,” he said. “Next, the bankruptcy of difficult companies may come out intermittently.” said.
【Youth Daily = Reporter Jeong Eun-taek】