It seems to be decided to start on the 8th as soon as possible Ssangyong Motor’s non-Captain “executive irresponsibility” accused
Ssangyong’s employees quit the company because of the concerns of partner companies… 3~4 candidates willing to take over
(Seoul = Yonhap News) Reporter Hana Jang = Ssangyong Motor’s fate fell into the hands of the court, and after the court began the procedure to initiate the rehabilitation process for Ssangyong Motor, the goal of early graduation from court officials by proceeding quickly with procedures such as the decision to start rehabilitation It is known to be.
While HAAH Automotive, a leading investor of Ssangyong Motors, remains silent, it has been confirmed that if Ssangyong Motors reduces its size through legal management, there will be 3 to 4 domestic companies willing to take over.
[장현경 제작] illustration
◇ Court “Early Graduation Review”… Decision to start on the 8th as soon as possible
According to industry sources on the 4th, it was confirmed that the Seoul Rehabilitation Court verbally informed Ssangyong Motors its position to review early graduation when entering the corporate rehabilitation process.
In general, the rehabilitation process takes more than 4 months to submit a rehabilitation plan, and it takes more than a year to complete the rehabilitation, but it is interpreted by the will to 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.
It takes about two weeks from the creditors’ opinion inquiry to the decision to start rehabilitation, but Ssangyong Motor’s rehabilitation process has already been delayed considerably, so it will speed up.
The court usually decides whether or not to initiate the rehabilitation procedure by comparing the value of the company’s going concern and liquidation. As in the case of Eastar Jet, there are cases in which candidates for acquisition are decided by promoting mergers and acquisitions (M&A) before approval of the rehabilitation plan.
When it is decided to commence the rehabilitation procedure, it goes through procedures such as reporting and investigating bonds and submitting a rehabilitation plan.
When Ssangyong Motors submits a rehabilitation plan including the rate of cancellation of rehabilitation bonds, the court will ask the creditors whether they agree or not. At this time, the court must approve the rehabilitation plan based on the consent of the creditors. If the creditors don’t agree, the court will try to reconcile, and if even this fails, bankruptcy can be taken.
[연합뉴스TV 제공]
However, the view that creditors would not want Ssangyong Motor’s bankruptcy is predominant as the scale of public interest bonds that can be reimbursed regardless of the rehabilitation procedure reaches 370 billion won.
In the case of Ssangyong Motor’s bankruptcy, it is estimated that if Ssangyong Motor’s employees, as well as at least 15 suppliers with 100 to 200 employees, and 300 general purchasers such as food materials, are included in the bankruptcy, only the direct unemployed will reach 20,000. It is also predicted that the government will not be putting hands on mass production of more than 20,000 unemployed people ahead of next year’s presidential election.
In the industry, it is estimated that there will be 3 to 4 candidates, including Edison Motors, a domestic electric bus company, who are willing to acquire Ssangyong Motor or have indicated 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.
◇ Responsibility for management at the meeting of the non-subcommittee
The emergency countermeasure committee composed of Ssangyong Motor’s partner companies will be dismantled immediately after the court decides to start rehabilitation and reorganize the creditors.
After the start of the rehabilitation process, the creditors are known to demand government support by pressing the National Assembly, the Ministry of Trade, Industry and Energy, the Small and Medium Venture Business Corporation, and the Credit Guarantee Fund.
Prior to this, the Ssangyong Motor Non-Captain held a meeting on the 2nd to discuss future measures.
At this meeting, in particular, there were criticisms against Ssangyong Motor’s management. Ssangyong Motor’s management is known to have said to the non-subcommittee, “I am 100% confident in the investment of HAAH Automotive,” and that “it will be concluded in April” until the deadline of the court’s amendment order (March 31).
A non-subcommittee official said, “There was a loud voice that complained of the irresponsibility of the management including President Byung-Tae Yee.”
Some attendees were reported to have complained, “Wouldn’t the loss have been less if they had entered the court administration right away on December 21st last year, without being swung over by HAAH Automotive.”
It is known that the amount of rehabilitation bonds generated after Ssangyong Motor’s rehabilitation application last year amounted to 290 billion won.
[쌍용자동차 제공. 재판매 및 DB 금지] [email protected]
◇ 7~8 small businesses have already bankrupted… Employee resignation degree
As Ssangyong Motor’s legal management has become an established fact, the concerns of partner companies are also growing.
An industry insider said, “Of the small companies with 3 billion to 4 billion won in supply to Ssangyong Motors per year, 7 to 8 companies have already failed and disappeared without sound rumors.” “Then, the bankruptcy of difficult companies may come out intermittently.” said.
Ssangyong Motor’s employees are also leaving.
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.
Once it goes into court management, it is expected that manpower restructuring will also be inevitable.
Earlier, Ssangyong Motor decided to lay off 2,600 people, 36% of all employees during the legal administration in 2009, and the so-called “Ssangyong Motor Incident” that began here was finally closed by reinstatement of all layoffs in 2018, nine years later.
[연합뉴스 자료사진]
Unauthorized reproduction-prohibition of redistribution>
2021/04/04 07:01 sent