Last month, due to the refusal of supply from some conglomerates and foreign partners, Ssangyong Motor’s Pyeongtaek plant was in operation for only three days.
Some parts suppliers, including Ssangyong Motor’s parts supplier emergency response committee, POSCO, LG Electronics, Hyundai Mobis, and Hyundai Transys, posted a banner to support Ssangyong at the entrance of the Pyeongtaek plant and prayed for immediate normalization. Mando also gave rice cakes to Ssangyong Motor employees in congratulations on the reopening of the plant.
Ssangyong Motor has been in the process of finding a new owner since it applied for the corporate rehabilitation and self-restructuring support (ARS) program on December 21st last year. The rehabilitation procedure could be initiated from the 2nd if it was as planned, but the court revealed that the decision to commence the rehabilitation procedure was withheld as long as the discussions between the stakeholders continued, and he took time to start rehabilitation. Ssangyong Motor plans to sign an investment contract with HAAH Automotive as soon as possible and apply for the P plan, a short-term court official, to the court. In order for Ssangyong Motor to apply for a P plan to the court in the early or mid-next month as its original goal, it must first obtain the final approval of the Central Bank of India (RBI), which was issued by India’s largest shareholder, Mahindra, as a condition of agreeing to cut shares and bonds. Ssangyong Motor plans to sign an investment contract with HAAH Automotive upon approval of the RBI and disclose the rehabilitation plan to all creditors to obtain consent to enter the P plan.
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