Ssangyong Motor[003620]It is observed that the rehabilitation process is imminent as HAAH Automotive, the leading investor of the company, still has not issued a letter of intent (LOI).
The fate of Ssangyong Motor▶ Click here for a larger view
According to the financial sector on the 6th, the Seoul Rehabilitation Court sent an inquiry to Ssangyong Motor’s creditors on the 1st, asking if Ssangyong Motor’s rehabilitation procedures were initiated.
In addition to the consent to the commencement of the rehabilitation procedure, the inquiry form included a request for opinions on issues such as the appointment of a manager and an investigator.
Saneun, the main creditor bank of Ssangyong Motor, did not submit an opinion until the afternoon of the day.
The opinions of some creditors have not been gathered, so we are coordinating the issue of submitting opinions with the court.
As the deadline for submission of opinions is on this day, it may be possible to submit with less opinions gathered, or the court may give a little more deadline for submission.
It is known that there is a strong current inside the mountain that the rehabilitation procedure is inevitable.
It is an atmosphere that sees HAAH automotive investment as a card that is difficult to make.
HAAH Automotive did not send a letter of intent for investment until the time required by the court (March 31).
The issue of Ssangyong Motor’s entry into the rehabilitation process is entirely up to the court’s decision.
The possibility that the court after hearing the opinions of the creditors and others will decide to enter the rehabilitation procedure on the 8th to 10th after the 4·7 re-election and by-election is over.
As the manager, Ye Byung-tae, president of Ssangyong-cha, is known to have expressed his gratitude to the board of directors.
In principle, the existing DIP system is applied in the rehabilitation procedure. If there is a significant responsibility for the misuse, concealment or insolvency of the property, a third party is appointed as the custodian.
Yee It is said that the Ssangyong Motors union opposes that the president takes over as a manager in principle.
Yes The president’s resignation has not yet been accepted, but if it is, another manager must be obtained.
In this case, it is predicted that Ssangyong Motor’s Executive Vice President Jeong Yong-won (Head of Planning and Management Division) will become the manager.
Industrial bank▶ Click here for a larger view
If the court decides to commence the rehabilitation process, Ssangyong Motor will not survive until a new investor appears.
After the decision to commence the rehabilitation procedure, procedures such as reporting and investigating claims follow.
Eventually, a plan for a new investor to take over Ssangyong Motors is discussed while the’body’ of Ssangyong Motor has decreased through restructuring and bond cancellation.
As the investment planned by HAAH Automotive was about 280 billion won, it is said that a company that can input 200 billion to 300 billion won in cash is worth aiming at the new owner of Ssangyong Motor.
An official from the financial sector said, “I know there are about three companies willing to take over Ssangyong Motor.”
The court also said, “If Ssangyong Motor, creditors, and other interested parties propose effective improvement measures, including M&A procedures, we will sufficiently review and judge.”
[연합뉴스]
Copyrights ⓒ Yonhap News. Unauthorized reproduction and redistribution prohibited