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[이데일리 송승현 기자] As the company entered the countdown of corporate rehabilitation procedures (legal administration), President Byung-Tae Yee resigned, saying that he took full responsibility for it. Although Ssangyong Motor is still negotiating with potential investors, HAAH Automotive said it would take more time to make an investment decision, and that it would start before the acquisition after the start of legal management.
On the 7th, CEO Byung-Tae Yee told executives and staff members in an in-house e-mail, “I would like to say goodbye with regret and regret as a representative of the company regardless of the reason for the situation that the company is about to commence the rehabilitation process again. I will.
“As the inducement of new investors is delayed than planned, the decision to commence the rehabilitation procedure is imminent, and a lot of confusion and difficulties are expected to be overcome again.” “It may be possible to think about overcoming this situation with you, but the shock that the executives and employees will receive. He said, “I think it’s a good idea to show that he is responsible for the results as the CEO who has been in charge of management so far.” However, since President Ye’s successor has not been decided, a temporary system with Jeong Yong-won, head of the Planning and Management Headquarters (Executive Vice President) will be put into operation.
Ssangyong Motor has not submitted a letter of intent (LOI) of potential investors to the court until the 31st of last month, and is about to commence court management. However, the court is temporarily suspending the commencement of the rehabilitation procedure in order to hear the opinions of the creditors. The court suggested that Ssangyong Motor, its creditors, and other stakeholders would consider it if they suggested effective improvement measures, including the M&A procedure, but it seems inevitable that the court will start management right away.
The automobile industry and legal circles are expecting court management to commence as early as the 9th. HAAH is reportedly still struggling to persuade investors. HAAH is in a position that it is possible to submit an LOI by persuading only one out of three places: one strategic investor (SI) in Canada and two financial investors (FI) in the Middle East, but it is not easy to persuade. Accordingly, it is reported that HAAH has indicated to Ssangyong Motors that it will enter into the acquisition of Ssangyong Motors after the start of legal management.
An industry insider explained, “I know that HAAH has expressed a desire to continue consultations with Ssangyong Motors on the 2nd. If more time is given, it is the position of HAAH to quickly persuade investors in the case of legal administration to enter the takeover.” did.
If HAAH fails to persuade investors and finally withdraws its investment and gives up its right to negotiate, it is also mentioned that two or three companies, including domestic electric bus company Addison Motors, will take over Ssangyong Motor. According to Ssangyong Motor, there are three places that have indicated their intention to invest in the courts so far. It is reported that Ssangyong Motor predicts that investors will be able to increase even more if the conditions are met after court administration.
Meanwhile, Korea Development Bank, the main creditor bank, plans to submit an opinion on the start of legal management to the court by the 9th. Upon receiving the creditors’ opinion, the court will initiate a review and determine the start date of the rehabilitation procedure.