Even if the supply of foreign-affiliated companies is dramatically concluded
In case of bankruptcy of small and medium-sized parts makers, factory shutdown is inevitable
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Ssangyong Motor’s factory is difficult to operate normally due to the refusal of supply from foreign parts suppliers, and the crisis of small and medium-sized suppliers went bankrupt. Even if a foreign partner decides to supply parts, if the final bankruptcy is handled by a small and medium-sized partner, next year Ssangyong Motor (003620) Factory operation becomes difficult.
According to the industry on the 31st, some of Ssangyong’s small and medium-sized suppliers who supplied parts and discounted bills received in the fourth quarter of the last quarter were in danger of bankruptcy. Bill discount refers to raising cash by selling bills to other third parties at a lower price than the principal to be received. Commercial banks are refusing to extend the maturity due to the company’s credit deterioration.
Ssangyong Motor’s immediate task is the normal operation of the plant. Currently, suppliers supply stocks and operate temporarily so that vehicles can be delivered to customers for existing contracts. The deadline is until the 31st. The key is whether it can operate normally from next year. To this end, Ssangyong Motor is focusing on requesting parts from foreigners, Borg Warner Ochang (T/C Assembly) and Continental Automotive (Combimeter).
The problem is that even if a foreign parts maker supplies it, Ssangyong Motor’s plant operation may be difficult next year. It is because if there is no one of the 30,000 parts, it is impossible to assemble a finished vehicle, and small and medium-sized business partners are in danger of going bankrupt. An official in the industry said, “Some of the bills issued by Ssangyong Motors in the fourth quarter were already written at a discount of 28 billion won.” Banks and others have extended the maturity, but commercial banks ruled that it was impossible and some companies were driven to bankruptcy.” If the maturity is not extended until next year, the company will default and it will be difficult to supply parts to Ssangyong.
Currently, Ssangyong Motor is conducting related consultations to obtain supply cooperation from foreign partners. An official in the industry said, “I know that Ssangyong Motors is proposing a plan to pay for parts on a daily basis to foreign-affiliated suppliers. I think I need help from the side.”
/ Reporter Seo Jong-gap [email protected]
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