[미디어SR 김다정 기자]As Ssangyong Motors has been in the process of commencing legal management again in 12 years since 2009, attention is being drawn to what opinion KDB Development Bank, the main creditor, will make.
According to the financial sector and the automobile industry on the 6th, the Seoul Rehabilitation Court sent a statement of opinion inquiry to the creditors of Ssangyong Motors on the 1st, asking whether or not Ssangyong Motors’ rehabilitation procedures were initiated. It is expected that the Korea Development Bank will send an opinion reply to the court on the 6th.
In the inquiry form sent by the Seoul Rehabilitation Court to the creditors on the 1st, they asked for their opinions on whether or not to initiate rehabilitation and the appointment of a manager or investigator. This is an analysis that is intended to grasp the air currents of creditors before making a decision to commence rehabilitation procedures.
The KDB has not officially decided whether to reply to opinions yet, but the view that the industry is likely to be in favor of the commencement of the rehabilitation procedure is dominant.
Since the opinion of the creditor does not exert a force on the decision of the court, it is not necessary for the Korea Development Bank to make an opinion, but there is a prospect that the main creditor will express its intention.
Currently, Ssangyong Motor is trying to receive investment from’HAAH Automotive Holdings’, an automobile distribution company in the United States, but at the moment the investment has passed.
Initially, Ssangyong Motor planned to pursue a short-term court management (P plan) by sharing the rehabilitation plan with creditors after consulting with HAAH Automotive, a potential investor last year, to receive a letter of intent (LOI). Ssangyong Motor has paid 140 million won to the court for the P plan and general rehabilitation procedures.
However, HAAH Automotive continued to postpone investment decisions and did not send a letter of intent to investment until the 31st of last month, the time required by the court.
Financial Commissioner Eun Seong-soo said on the 5th, “HAAH didn’t just say they would not do it, it seemed that they asked for more time.” “The investor will ask for an opinion as soon as it is not possible to keep taking the time. I think I should see it as scentless,” he said.
Korea Development Bank is highly likely to agree with the court’s rehabilitation procedures if Ssangyong Motors does not receive the investment, as it is inevitable that the rehabilitation procedure is inevitable.
The court is expected to decide to enter Ssangyong Motor’s rehabilitation procedures soon after hearing the creditors’ opinions. The decision is weighed on the possibility that it will be around 8-10 days after the 4·7 re-election by-election is over.
As the manager, Ye Byung-tae, president of Ssangyong Motor, is the dominant. However, the union of Ssangyong Motors is known to be opposed to President Yee Byung-tae.
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Ssangyong Motor recently posted an annual operating deficit, and the size of the deficit is increasing. With an operating loss of 449.4 billion won last year, the size of the deficit increased significantly from 281.9 billion won in 2019.
For long-term survival, recovery in car sales is an urgent priority, but the situation is not easy. Ssangyong Motor sold a total of 12,627 vehicles in the first quarter of this year, down 27.9% from the same period last year (17,517).
Prior to this, Kim Ki-chan, a professor of business administration at Catholic University, a car management expert, presupposes that “(to normalize Ssangyong Motor’s business management) new investors appear, the market needs to improve, or a better car needs to be developed.” All three are difficult to see.”
When the rehabilitation process begins this time, Ssangyong Motor will enter the legal management system again 10 years after graduating from the rehabilitation process in 2011.
When the rehabilitation process begins, it is expected that a new owner will be found through mergers and acquisitions (M&A) of the rehabilitation plan. If it cannot find a new owner, Ssangyong will go through liquidation procedures.
After the decision to commence the rehabilitation procedure, procedures such as reporting and investigation of bonds and submission of a rehabilitation plan (when the continuing enterprise value is greater than the liquidation value) follow.
In the end, restructuring and debt cancellation are expected to be inevitable in order to find investors.
At the time of legal management of Ssangyong Motors in 2009, about 2,600 people, 36% of all employees, were laid off.
HAAH’s investment decisions could be accelerated if Ssangyong Motors goes through legal management and decreases its size. Even if HAAN finally withdraws its investment decision, there is a possibility that two to three companies, including domestic ones, will take over Ssangyong Motor.
Seong-soo Eun, chairman of the Financial Services Commission, said, “I think that (Ssangyong Motor)’s labor, creditors, and business partners make a little concession and that Ssangyong’s survival is in the interests of all.” I don’t think I should do it.”