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This article was published on December 21, 2020 17:06 The Bell payment pageIt is an article expressed in
Ssangyong Motors finally went through the regeneration process. The rehabilitation process proceeds when the rehabilitation court receives a full ban order and the decision to begin. Sejong Law Firm was appointed legal representative of Ssangyong Motors.
According to the restructuring industry on the 21st, Ssangyong Motor Co., Ltd. has received a request for rehabilitation in the first part of the Seoul Rehabilitation Court. On the same day, the board of directors of Ssangyong Motors reportedly made an internal resolution requesting rehabilitation procedures.
As Ssangyong Motor’s request for rehabilitation is received, the court is expected to issue a comprehensive injunction to stop the foreclosure and creditor seizure. After the decision to begin rehabilitation, if the liquidation value is greater than the surviving value according to the investigators’ judgment, Ssangyong Motor will undergo M&A prior to approval.
Initially, Ssangyong Motor has suffered a problem of non-performing major loans worth 60 billion won to foreign financial institutions due to mismanagement. Consequently, the Mahindra Group of India, the largest shareholder of Ssangyong Motor, is known to have sought cooperation with foreign financial institutions such as JP Morgan to extend the maturity.
Above all, on the 21st of this month the KRW 90 billion received from KDB Industrial Bank and others has come due. Ssangyong Motors recently received a conditional extension from KDB Industrial Bank. However, it is interpreted that the company decided to enter the rehabilitation process, as there was no space to repay the loans as operating losses have continued since 2017.
However, Ssangyong Motors also received the Autonomous Restructuring Support (ARS) program at the same time as the rehabilitation application. The ARS program continues the private restructuring process while advancing the rehabilitation process. If the private negotiations are successful, there is a possibility that Ssangyong Motor’s rehabilitation procedures will end before the start.
Meanwhile, Sejong Law Firm was the agent of Ssangyong Motors. Currently, he has submitted a request for rehabilitation, a comprehensive prohibition order, and a request for preservation of corporate property to the Seoul Rehabilitation Court. After receiving a full ban order from the court, Sejong will conduct an interrogation on behalf of Ssangyong Motors.
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