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The government is considering a plan to relieve the breath of the partner companies by providing emergency funds to prevent the bankruptcy of Ssangyong Motor parts makers. In this regard, it is known that they discussed ways to convert bills into loans. This is to prevent automobile production from being stopped due to a failure in procurement of parts.
According to the financial sector on the 31st, the government is negotiating a plan to increase safety by converting Ssangyong Motor’s discount bills into loans with the KDB Development Bank, the main creditor bank, and banknotes. By converting discounted bills into loans, it is possible to prevent factory shutdown due to a boycott of business partners.
Ssangyong Motor stopped operating the plant for two days on the 24th and 28th. In October 2020, out of a total of 178 billion won for parts supplied to Ssangyong Motor, 70 billion won was paid by Ssangyong Motor, and 28 billion won was resolved by extending the draft date in cooperation with the government and Financial Services Commission. The remaining KRW 80 billion has not yet been returned in cash and remains as a draft.
The management situation of Ssangyong Motor is deteriorating enough to the extent that the government gives such an order. Currently, Ssangyong Motor is temporarily operating by supplying stocks from suppliers so that vehicles can be delivered to customers for existing contracts. The key is whether it can operate normally from 2021. To this end, Ssangyong Motor is focusing on requesting parts delivery to foreign-affiliated Bog Warner Ochang (T/C assembly) and Continental Automotive (combimeter). However, even if a foreign parts company supplies it, the operation of the plant becomes more difficult if a domestic small and medium-sized business partner goes bankrupt before that. This is because a finished vehicle cannot be assembled without any of the 30,000 parts.
An official from the financial authorities said, “We plan to support financial difficulties such as extending the maturity of loans by using policy programs as much as possible for Ssangyong Motor’s business partners.”
/ Reporter Kim Ji-young [email protected]
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