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Edison Motors issued an injunction to prevent the resale of Ssangyong Motor, which is undergoing corporate rehabilitation procedures, but the court dismissed it.
According to the legal community on the 18th, the Civil Settlement Section 50 of the Seoul Central District Court (Chief Judge Song Kyung-geun) rejected the application for an injunction to suspend the sale process and to suspend the effect of contract cancellation filed by Edison EV and Edison Motors against the manager of Ssangyong Motor the day before.
Edison EV formed a consortium and signed an M&A investment contract with Ssangyong Motor in January, but by the 25th of last month, the deadline for payment of the acquisition price, the balance of 274.3 billion won, excluding the down payment of 30.5 billion won, was not paid. notice of cancellation.
The Seoul Rehabilitation Court accepted Ssangyong Motor’s application on the 14th of last month, and allowed the M&A to resume before approval of the rehabilitation plan.
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