Initiate the process of appointment of a third-party custodian in the court… Saneun plans to submit an opinion on the 9th
[장현경 제작] illustration
(Seoul = Yonhap News) Reporter Choi Pyeong-cheon = Ye Byeong-tae Ssangyong-cha[003620] With the resignation of the president (CEO), Ssangyong Motor’s impending corporate rehabilitation procedure is expected to be delayed.
President Ye resigned on the 7th, saying, “I take full responsibility as the company’s representative for any reason for the situation that the company is about to commence the rehabilitation process again.”
With the resignation of President Yee, the rehabilitation procedure, which was scheduled to commence within this week, was postponed. The industry predicts that the court will open next week at the latest as the courts are pushing for rapid court administration.
Ssangyong Motor applied for the corporate rehabilitation procedure in December of last year and applied for the Autonomous Restructuring Support Program (ARS), which delays its initiation for three months.
HAAH Automotive does not send a letter of intent (LOI) by the deadline required by the Seoul Rehabilitation Court (March 31), and the court cannot postpone the commencement anymore.
However, with President Ye’s resignation, the schedule is expected to be delayed as the court must appoint a new manager for rehabilitation procedures.
In principle, the existing management manager system is applied to the rehabilitation procedure, and the CEO of the company automatically becomes the manager unless the court approves it. However, if a third party is appointed as the manager, an appointment process is required.
In order to appoint a third-party manager other than the representative director, the Rehabilitation Court must send an inquiry to the Supreme Court Rehabilitation Bankruptcy Committee to receive opinions. It is inevitably more time consuming than the managerial manager system in which the CEO becomes the manager.
It is also necessary to inquire about the opinion of the Rehabilitation Bankruptcy Committee in order for Jung Yong-won, who led the sale negotiations, to be elected as the manager. This is because the court interprets the management, not the representative director, as a third party.
In some cases, when applying for the commencement of the rehabilitation procedure, a manager is requested to be appointed as the manager, but it is known that Ssangyong did not request a separate manager at the time of application.
As Ssangyong Motor has not decided on a successor to Yee and has no plans to appoint a new CEO for the time being, it seems unlikely that the new CEO will become the manager.
It is reported that the main creditor bank, Saneun, has not yet responded to the court’s inquiries about whether or not to agree to commence the rehabilitation procedure. The deadline for submission of opinions was until the 6th, but the KDB is known to have requested an extension of the deadline to the court, saying that it would issue an opinion by the 9th.
Some analysts say that the delay in the start of corporate rehabilitation is not a bad situation from the standpoint of Ssangyong Motor, which continues to negotiate the sale with HAAH Automotive. It is the logic that HAAH Automotive will have time to persuade investors before the rehabilitation process.
It is known that HAAH Automotive did not withdraw the investment decision, but did not send a letter of intent to invest, responding to the effect of lack of time to persuade investors.
Finance Commissioner Eun Seong-soo said on the 5th of this month, “(HAAH Automotive) didn’t just say they wouldn’t do it, but it seems they asked for more time.” I want to.”
If HAAH Automotive sends a letter of intent for investment while the rehabilitation process is delayed due to the appointment of a manager, etc., Ssangyong Motor may enter into a short-term court management (P plan) instead of the general rehabilitation process.
If HAAH Automotive, a leading investor, withdraws its investment decision, Ssangyong Motor will have to find a new investor, but the industry believes that it will not be easy.
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2021/04/07 17:18 sent