Ssangyong Motor has been approved for the rehabilitation plan court and has established a base for normalization of management.
Ssangyong Motor announced on the 26th that it was approved for the Rehabilitation Plan Court at the date of special investigation such as rehabilitation bonds held at the Seoul Rehabilitation Court and the relevant rally for the psychological and resolution of the rehabilitation plan.
At the relative meeting, the rehabilitation plan was approved by 100%of the rehabilitation reserves, 95.04%of rehabilitation creditors, and 100%of shareholders.
With the approval of the rehabilitation plan, Ssangyong Motor completed the important process for the closing of the corporate combination process with the KG Group and prepared a platform for normalization.
Ssangyong Motor plans to proceed with the reimbursement process in accordance with the rehabilitation plan. The Tribunal plans to make a decision to finalize legal management if the reimbursement is made according to the rehabilitation plan.
Ssangyong Motor, who was hit by a new owner, is in a position to finish the curved history.
Ssangyong Motor, which began in 1954 under the name of Ha Dong-hwan’s automobile production, collaborated with Shinjin Motors in 1967 and established the Shinjin Jeep Motor Industry in 1974. In 1977, the company changed its name to Dong-A car. The name Ssangyong Motors was held in 1986 when Ssangyong Group, which focused on cement and construction projects, acquired all stakes in Dong-A car.
Ssangyong, who nested in a new place, showed off attractive SUVs such as Korando and Musso, and solidified as a SUV master. But from the time of the foreign exchange crisis, there are many wind waves.
Although it was sold to Daewoo Group in 1998, Daewoo Group collapsed, and in 1999, management rights were overwhelmed by creditors, and in 2004, China’s Shanghai Motors was a new owner.
Eventually, Ssangyong Motor, which entered the court management in 2009, laid off 2,646 people, nearly 40%of its employees, and the union reacted to the Pyeongtaek factory for 77 days. At the end of the twist, Ssangyong Motor, who welcomed the new owner of India in 2010, was decided to end the court rehabilitation process in 2011.
Ssangyong Motor launched a small SUV Tivoli in 2015 under the Mahindra group, and tasted success for a while. In 2016, the company recorded operating profit of 28 billion won, turning to the black in seven years. However, due to the quickly turned off the new car effect and the success of the Korando, the surplus turned back to the deficit, and in 2020, the Mahindra Group gave up Ssangyong’s control.
Ssangyong Motor applied for a second court management in December 2020 and started to find a new owner. In October 2021, Edison Motors, an electric bus manufacturer, was selected as a priority negotiator. In January of this year, the company also signed a contract. However, the creditors opposed the low debt repayment rates, and in order to make Edison Motors, Edison Motors could not pay for the deadline. Ssangyong Motor announced in March.
The sale of Ssangyong Motors, which returned to the origin, was carried out by a stalking hose method that sets a conditional investment contract with the acquisition. The KG Group and the two-drop groups were together, and the KG Group was selected as the final acquisition.
The KG Group submitted a rehabilitation plan of 6.79% and real reimbursement rate of 6.79% and rehabilitation of rehabilitation of rehabilitation bonds. In addition, the company added an additional 30 billion won in acquisition, and presented a 13.97%cash payout rate and a real repayment rate of 41.2%. The industry believes that the active movement of the KG Group for the acquisition of Ssangyong Motor has had a significant impact on the rehabilitation plan.
The current atmosphere is encouraging. The medium-sized SUV Torres is more than 60,000 cumulative contracts, including pre-contracts within two months of launch. Ssangyong Motor is more than 56,363 domestic sales last year. Ssangyong Motor has been working on weekends, and the production system is converted to two shifts and delivered.
However, Ssangyong Motor has not been optimistic about the current situation as the company has surged and gradually stagnant management performance just before the company collapses. Ssangyong plans to launch Torres Electric Vehicle next year, Korean offer KR10 in the first half of 2024, and electric pickup trucks in the second half of 2024.
Jung Yong-won, Ssangyong Motor Manager, said, I would like to express my sincere gratitude to everyone who gave a lot of understanding and support so that the rehabilitation plan can be approved..