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Ssangyong Motor again applied to court for rehabilitation procedures after 11 years
Can’t repay 160 billion won loan … 15th consecutive quarter of deficit
Mahindra “I will leave the largest shareholder” … Slow sales support
Apply for ‘autonomous restructuring program’
[앵커]
Ssangyong Motor, which had suffered a severe financial crisis due to a deficit for 15 consecutive quarters, went through the courts for business rehabilitation. First, the court accepted a request for self-restructuring that would allow the repayment of the commercial bonds to avoid damage to the commercial partners. Reporter Cho Yong-seong reports. Ssangyong Motors finally applied to the court for rehabilitation proceedings again after 11 years. Foreign finance companies with maturities of 60 billion won and KDB Bank loans of 9 billion won were unable to repay more than 160 billion won. Ssangyong Motor has been in the red for 15 consecutive quarters through the third quarter and the accounting firm rejected three audit opinions. India’s Mahindra group announced in August that it would be leaving its largest shareholder position, but the sale remains slow. At the same time, Ssangyong Motors applied for ‘ARS’, a self-contained restructuring program that allows companies to take the time to resolve them themselves first. Ssangyong Motor said: “During the period of pending rehabilitation proceedings, we will agree to adjust our interests with the creditors and major shareholders, and finalize the investor negotiations that are currently underway, and request the withdrawal of the rehabilitation procedure in advance.” The court accepted the request for voluntary restructuring, explaining that it was “to minimize supplier anxiety and ensure stable business activities by allowing creditors to be repaid.” The Korean Development Bank, a major creditor, expressed its position that the rehabilitation procedure is to promote rapid trade normalization. From this year to last month, Ssangyong’s sales amounted to 96,000 units, a decrease of more than 20% compared to last year amid both exports and domestic demand. The number of Ssangyong Motor employees is 4,800 and 600,000 in total will be affected by the rehabilitation of the company or not. For Ssangyong Motors, it became very urgent to find a new buyer to succeed Mahindra in the three-month period of self-restructuring. YTN Quiet Seong[[email protected]]is.
