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-Plan to withdraw the advance request through an agreement between the interested parties
On the 21st, Ssangyong Motors decided to request rehabilitation procedures through the board of directors. On the same day, the Seoul Rehabilitation Court received a request for the initiation of rehabilitation procedures, a request for the preservation of corporate property, a request for a comprehensive prohibition order, and a request to withhold the initiation of procedures. rehabilitation.
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On the 15th, due to the deterioration of business conditions, Ssangyong Motor, which matured the principal amount of the loan of about 60 billion won in foreign financial institutions, has been discussing with the financial institution to extend the maturity, but it turned out that he had not reached a reasonable agreement. Since then, the payment of debt due to maturity is expected to cause a huge disruption in business operations, thus it is inevitably applied to rehabilitation procedures.
However, the company plans to close the current liquidity problem before the rehabilitation process begins by simultaneously receiving a request for retention of the start of the rehabilitation procedures (ARS program).
The ARS program is a system in which the initiation of rehabilitation proceedings is delayed for up to three months after the court confirms the creditors’ intentions. Through the court provision for the preservation of corporate property and a comprehensive prohibition order, the company can engage in normal business activities as before. In addition, it is a system that allows the company to return to being a normal company by requesting rehabilitation procedures after reaching an agreement between the interested parties during the pending decision to initiate the rehabilitation procedures.
Accordingly, Ssangyong Motor plans to free itself from the burden of repayment of loan principals, etc. for the time being, and you agree to adjust your interests with creditors and major shareholders during the pending period to begin the rehabilitation proceedings. He plans to finalize the investor negotiations that are currently underway and request the withdrawal of the judicial rehabilitation proceedings in advance.
Mahindra also said that during the ARS period, it will take responsibility as the main shareholder and actively cooperate in normalizing Ssangyong’s management through early negotiations with stakeholders.
Ssangyong Motor said: “Through an emergency meeting, all executives will submit collective resignations and do their best to transform into a more solid and competitive company.”
Reporter Seonghwan Kim [email protected]
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