Court maintains contract cancellation effect between Ssangyong Motors and Edison Motors

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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 circle, the 50th Civil Agreement of the Seoul Central District Court (Chief Judge Song Kyung-geun) rejected yesterday (17th) a request for an injunction between Edison EV and Edison Motors against the manager of Ssangyong Motor to prohibit the proceeding of the sale procedure and suspend the contract cancellation.

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 KRW 274.3 billion excluding the down payment of KRW 30.5 billion was not paid. has notified the termination of the contract.

The Seoul Rehabilitation Court accepted Ssangyong Motor’s application on the 15th of last month and allowed the re-promotion of the M&A prior to the approval of the rehabilitation plan.

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