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Ssangyong Motor’s Rehabilitation Application on Loan Due Date … Saneun “Role in preparing a rehabilitation program”
Support program for autonomous restructuring at the same time … ‘Procedure for the sale of Ssangyong Motor’
(Seoul = Yonhap News) Reporter Kim Nam-kwon = Ssangyong Motor, who was in a liquidity crisis, applied to the court for corporate rehabilitation on the 21st, the due date of the KDB loan.
Ssangyong Motor’s decision was influenced by the non-payment of up to 90 billion won in loans due to the maturity of 60 billion won in loans from foreign financial institutions.
(Pyeongtaek = Yonhap News) Reporter Ki-won Hong = The main gate of the Ssangyong Motor factory in Pyeongtaek in Pyeongtaek, Gyeonggi-do, on the afternoon of the 21st, when Ssangyong Motors applied for corporate rehabilitation proceedings before the Rehabilitation Court of Seoul 2020.12.21 [email protected]
Before deciding whether to extend the maturity or not, Saneun took a close look at Mahindra, the main shareholder of Ssangyong Motor.
There have been many observations that if Mahindra, which has provided verbal guarantees for Ssangyong Motor loans, solves the problem of arrears by extending the maturity through contact with foreign institutions, it would not be unreasonable to extend the maturity of the KDB.
Finally, no agreement was reached with foreign institutions on the extension of maturity and, consequently, bank loans were also in default.
This reflects San Eun’s firm adherence to “there is no support without the responsibility and role of the majority shareholder.” While majority shareholder Mahindra is coming out to find new investors, Sangeun has drawn a line to support Ssangyong Motor, saying, “ It’s just a bond bank. ”
It is also true that the opinion was that it was necessary to rush to the judicial process, since the request to Ssangyong Motors, which has doubts about its ability to continue as a company within Saneun, is “to pour water into the poisoned bottom”.
The government and KDB say that the request for the rehabilitation procedure is based on the independent management judgment of the Ssangyong Motor management, but unfortunately there is a backlog of the Ssangyong Motor request for rehabilitation on the due date of the loan. of the KDB.
In the end, it is an analysis that Ssangyong Motor requested corporate rehabilitation on the stubborn position of the KDB that it could not extend maturity without resolving the non-performing loans of external loans.
Since Ssangyong Motors applied for the rehabilitation procedure, the creditor movement is expected to be busy.
This is because Ssangyong Motor has separately applied for an application to withhold the start of the rehabilitation procedure (ARS program), not the normal rehabilitation procedure.
The future of Ssangyong Motors will be determined through discussions between stakeholders, such as creditors, according to the ARS program, a program to support self-restructuring.
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 judicial provision for the preservation of the company’s assets and a comprehensive prohibition order, the company intends to return to a normal company by withdrawing the request for rehabilitation procedures by agreement between the interested parties, maintaining the activities normal business and withholding the decision to initiate rehabilitation procedures.
The Bank of Korea is in a position to play a role in preparing a rehabilitation program while paying close attention to the court decision.
A KDB official said: “It is time for the courts now” and said: “If the court prepares a rehabilitation program when bonds and debts are frozen, creditors will be able to play a role.”
It means that it will help solve Ssangyong Motor’s liquidity problem before the rehabilitation process begins.
In this context, it should be noted that negotiations for the sale of Ssangyong Motors are still continuing.
This is because some say that the Ssangyong Motor application is a procedure to facilitate the M&A process between Mahindra and the new acquirer.
Mahindra is known to be negotiating the sale of shares with HAAH Automotive, an American auto retailer.
An official explained: “In the process of selling Ssangyong Motor, we know that the Indian financial authorities have strict conditions and requested rehabilitation to solve them.”
If the liquidity problem is solved by retaining new investors, Ssangyong Motor can withdraw from the rehabilitation procedure before the start of the business rehabilitation.
Governments such as the Ministry of Commerce, Industry and Energy and the Financial Services Commission said in reference material the day: “Despite the request for rehabilitation procedures, negotiations for the sale of Ssangyong Motors are still continuing.” We hope they attract us. “
Ssangyong Motor said: “We plan to close the current liquidity problem before the rehabilitation process begins, launching the ARS program at the same time.”
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2020/12/21 19:00 shipped
