Ssangyong Motor, whose owner changed to KG Group, graduated from court receivership in one year and six months after starting the corporate rehabilitation process.
The 1st Rehabilitation Division of the Seoul Rehabilitation Court announced today that “most of the rehabilitation security rights and rehabilitation bonds worth about 351.7 billion won, which are subject to repayment under the rehabilitation plan, have been repaid .”
The judge explained, “We currently have operating funds worth approximately 290.7 billion won, and after a new board of directors is formed, sales and other business performance are expected to improve due to increased sales of Torres vehicles launched in 2022.”
On December 21, 2020, SsangYong Motor filed an application with the court to start the rehabilitation process, and on April 15 last year, the court received a decision to start the process.
Previously, the court selected Edison Motors as the preferred bidder for the merger and acquisition of Ssangyong Motors, but the contract was terminated when Edison Motors failed to pay the acquisition price.
On the 31st of last month, Ssangyong Motor filed a request to the court to terminate the rehabilitation process, saying, “There is no reason that prevents the implementation of the rehabilitation plan.”