It seems that the decision to start on the 8th will come out as early as possible.
Willingness to terminate early… Possibility of mergers and acquisitions
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It is reported that the court is aiming for early graduation from court officials by making a decision to commence rehabilitation for Ssangyong Motors quickly.
According to industry sources on the 4th, the Seoul Rehabilitation Court verbally informed Ssangyong Motors its position to review early graduation when entering the corporate rehabilitation process. In general, in the case of the rehabilitation procedure, it takes more than 4 months to submit the rehabilitation plan, and it takes more than a year to complete the rehabilitation, but it is interpreted that it will be as soon 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.
The court usually decides whether or not to initiate the rehabilitation procedure by comparing the value of the company’s going concern and liquidation. When it is decided to commence the rehabilitation procedure, it goes through procedures such as reporting and investigating bonds and submitting a rehabilitation plan.
The industry believes that creditors will not want Ssangyong Motor’s bankruptcy, considering that the size of public interest bonds that can be reimbursed regardless of the rehabilitation procedure reaches 370 billion won. When Ssangyong Motor goes bankrupt, it is inevitable that at least 15 business partners and 300 general purchasers such as foodstuffs, as well as employees, are inevitable. Some observers say that the government is not trying to mass produce 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 official said, “Considering that HAAH Automotive was planning to invest about 280 billion won, we know that some companies that can input cash of 200 billion to 300 billion won are showing interest.”
/ Reporter Han Dong-hee [email protected]
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