Sang-eun Lee, Chairman Lee Dong-geul, “Convince Ssangyong Motor’s management serious, HAAH investment

Changcheonbubugosimin (蒼天不負苦心人).

Korea Development Bank chairman Lee Dong-geol quoted a Chinese character that means’Heaven helps those who help themselves’ about Ssangyong Motor, which stands on the edge of a cliff.

Chairman Lee said, “Heaven helps those who help themselves,” and said, “How will the Saneun and the government help? If Ssangyong Motor’s labor and management find a way to help themselves, it will become an active bridge.”

Chairman Lee said at the Korea Development Bank’s corporate restructuring system briefing session on the 15th, “Ssangyong’s labor and management still seem to be comfortable.” “You have to ask for help from the government and the government.”

Chairman Lee evaluated that Ssangyong Motor’s new investment attraction is currently not smooth. He said, “Potential investors seem to judge that the Ssangyong Motor business environment is worse than originally expected and is serious,” he said. “We are not able to decide on whether to invest in Ssangyong Motor.”

On this day, Ssangyong Motors announced a correction that it made a total net loss of 504.3 billion won last year. Initially, Ssangyong Motors temporarily aggregated and disclosed last year’s operating loss of 4235 billion won and net loss of 4785 billion won. As a result, Ssangyong Motor’s debt is KRW 1.856.8 trillion, and the capital erosion rate is 111.8%.

His evaluation is that Mahindra, the largest shareholder of commercial cars, has recently been approved for potato by the Indian Central Bank, but it has only crossed one hurdle.

Chairman Lee said, “We are encouraging decision-making as soon as possible in the future of potential investments, but we cannot predict what will happen to the consultation process in the future, and we cannot be pessimistic or optimistic.”

In particular, the opposition was made clear to some insisting that the KDB should invest new funds first. “If there is no investor, I can’t put in money,” he said. “If the business is good, there is a willingness to provide financing in the form of a certain loan, but the premise is that sustainable business is guaranteed. You must first submit a business plan. “It becomes” he emphasized.

Chairman Lee is in a position to review the feasibility of the Ssangyong Motor business plan after ① the potential investor decides the investment, ② present proof of financing, ③ submit the business plan, etc.

He repeatedly asked for all stakeholders to share the pain. Chairman Lee said, “Our creditors should also share unprecedented pain with other stakeholders,” and said, “All creditors, including Ssangyong Motor’s labor and management, partner companies, and foreign creditors, also need to participate in the pain sharing.”

Chairman Lee compared Ssangyong to a ship before sinking in a storm, and emphasized’desperateness’, saying, “To get out of the storm, should we sell everything we can sell and lighten the weight?”

He said, “It is not possible to evangelize the main words, and the main target evangelism is not allowed.”

In addition, he repeatedly emphasized that “Ssangyong Motor should find a way to save the company.”

Regarding the request of the Ssangyong Motors union to extend the collective agreement period to three years and to stop the dispute until the turnaround, Chairman Lee said, “Even if Ssangyong Motor is funded, it is difficult to go to normalization.” I think I will do it.”