Bills of between 180 billion won and 200 billion won on the 29th
Ssangyong Motor Cooperative Association “Over 500 billion won in delivery price not received”
In the News Reporter Nam Gung-gyeongㅣSsangyong Motor, facing a liquidity crisis, has decided to pay half of its employees’ wages in January and February.
According to the automobile industry on the 25th, Ssangyong Motor President Ye Byung-tae said through an in-house bulletin board that “as part of the indemnification policy, we have no choice but to partially pay the salary in January and February following the application for deferred consumption tax in January. He said, “I have a heavy heart and no face for what has come.”
President Yee explained, “In the case of small business partners, they are paying for materials in cash.” “If these companies go bankrupt due to non-payment, not only domino-style parts base collapse, but also our production itself suffers.” I did.
He added, “One of the reasons for the rapid deterioration of the fund balance is the fact that material payments must be paid due to the unpaid portion of the bills due last month and partial settlement of bills due in January and February.”
Ssangyong Motor’s liquidity funds have been exhausted as some parts makers refused to deliver since last month’s application for corporate rehabilitation, and as a condition to resume delivery, they demanded cash instead of bills. On the 29th, the maturity of bills ranging from 180 billion won to 200 billion won will arrive. The Ssangyong Motor Cooperative Association, which is composed of 350 Ssangyong Motors’ small and medium-sized parts suppliers, estimates that the delivery cost that has not been received since October last year is over 500 billion won.
Severe sales sluggishness is also one of the reasons for the lack of funds. President Yee said, “Even if we consider the traditional off-season, we are not selling close to 2,000 units than originally planned.” Some pointed out why they could not predict whether the purchase demand would drop in consideration of ARS, which is an autonomous restructuring support, but excluding Hyundai Motor Company and Kia. The three companies are selling the same,” he explained.
Ssangyong Motor recently completed the sale of its Chinese subsidiary, which was established in 2004 to establish a local production base in China, and submitted related details to the Seoul Rehabilitation Court.
However, as of now, the only way to get around is finding a new owner. Ssangyong Motor has formed a consultative body with the Korea Development Bank, the majority shareholder Mahindra of India, and HAAH Automotive, which is known as a leading investor, to discuss the sale of the stake. is.
It is known that additional negotiations will be held by this week, and the possibility of a dramatic settlement at the last minute cannot be ruled out, but if the negotiations break down as such, Ssangyong Motor’s legal management and chain bankruptcy of small and medium-sized partners are inevitable.
Accordingly, some say that they are considering a plan to apply the P plan (Pre-packaged Plan), which is a short-term court official. The P plan is a method in which a creditor with a debt equivalent to more than half of the debtor’s debt or a debtor who has obtained the consent of the creditor submits a preliminary plan before the start of the rehabilitation procedure and obtains approval through a court hearing and resolution accordingly. It is faster than normal regeneration procedures.