The recovery plan for SsangYong Motor Company: on August 30, the Korean company announced the will of the Seoul bankruptcy court to grant approval to the corporate recovery plan. The decision that could be adopted by the Korean judges follows the favorable vote of the Assembly of creditors regarding the conclusion of the insolvency procedure. Thanks to this measure, the company is now able to carry out its recovery plan.
To the creditors’ meeting – 100% of the privileged creditors and 95.04% of the unsecured creditors – and all the shareholders agreed to the reorganization proposal. The early closure of the reorganization procedures advanced by SsangYong was welcomed almost unanimously as it was considered useful for protecting the rights of all interested parties. The strong support of creditors contributed to the positive ruling by the Seoul bankruptcy court regarding the approval of the recovery plan and SsangYong thus finalized the merger and acquisition process with KG Group, taking a sure step towards a return to normal operations. .
Thanks to these important developments, SsangYong Motor will be able to focus on relaunching corporate management thanks to a better financial and capital structure, implementing plans to repay debt, reduce inventories and capitalize on investments. Thanks to the authorization of the recovery plan, SsangYong Motor was able to complete the procedures envisaged in the 20-month duration of the process, agreed in December 2020. “The employees of SsangYong have put every effort into the company by carrying out the rescue plan which includes the development of a completely new model called Torres – commented Yong-Won Chung, curator appointed by the Court – This new car was launched in July of this year: orders, which have already exceeded 60,000 units, have helped to significantly reduce the operating loss compared to the previous year ”.
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