[이미지출처=연합뉴스]
[아시아경제 이기민 기자] Ssangyong Motors, which has about two weeks left until the start of the rehabilitation process, is concentrating on preparing a pre-regeneration plan (P plan), which is said to be the last resort, and resuming production.
According to industry sources on the 13th, Ssangyong Motor plans to submit a preliminary rehabilitation plan to the court and enter the P plan with the consent of the creditors until the 28th of this month, when the decision to commence the corporate rehabilitation procedure is pending.
On December 21 of last year, Ssangyong Motors applied for corporate rehabilitation to the court and initiated autonomous restructuring (ARS). Ssangyong Motor and Ssangyong Motor’s major shareholder Mahindra, potential investors, HAAH Automotive, and Korea Development Bank, a four-party consultative body, negotiated the sale, but Mahindra left the negotiations.
Afterwards, Ssangyong Motor and HAAH entered the P plan and set a policy to reduce the stake in Mahindra and invest 250 million dollars (about 280 billion won). However, HAAH is in the position that the KDB should provide a corresponding amount to maintain Ssangyong’s business potential. On the other hand, they are confronting that Ssangyong can provide support only when a plan to maintain its business viability is in place.
In the industry, the HAAH negotiating team left for the United States earlier this month, and there is a gloomy prospect that it may be difficult to enter the P plan because the Bank of Korea is also unfavorable. In addition, as the site for the Ssangyong Motor Pyeongtaek plant rises and asset values rise, Mahindra’s P-plan-related voting rights may also act as a variable.
However, Ssangyong Motor plans to achieve corporate normalization by preparing a P plan as soon as possible. An industry insider said, “I know that Ssangyong Motor is continuing discussions through a domestic law firm representing HAAH.”
Ssangyong Motor is also accelerating the resumption of delivery and cooperation with the P plan of its business partners, which are creditors of commerce. Ssangyong Motor’s production was disrupted throughout the month as some of its partners refused to deliver the bill due to the fact that it could not settle the bill that had expired on the 29th of last month. At the beginning of this month, 90 companies were notified of their refusal to deliver, but due to the persuasion of the Ssangyong Motor Cooperative Association, a meeting of Ssangyong Motor and parts suppliers, the number of suppliers that refused to supply decreased to about 30.
However, there are many companies that will not supply unless the bill is paid in advance, so it is unclear whether production can resume on the 16th of this month.
Ssangyong’s small and medium-sized suppliers are calling for the desperate need for Ssangyong’s normalization and active cash support from the government, saying that it is just before the deadline. The cooperative association made an appeal earlier this month and said, “The government’s emergency financial support programs for small and medium-sized suppliers are not effective because they require high creditworthiness and collateral.” I asked for practical support from the government.”
An official from the parts supplier said, “In some of Ssangyong’s small and medium-sized suppliers, employees who have not received a salary have already left the company.”
Reporter Ki-min Lee [email protected]