[경제]Ssangyong Motor’s ’15th consecutive quarter of deficit’ applies for rehabilitation procedures…

[앵커]

Ssangyong Motor, which had suffered a serious financial crisis due to a deficit for 15 consecutive quarters, went through the courts for corporate rehabilitation.

First of all, the court accepted an application for voluntary restructuring that would allow repayment of commercial bonds to prevent damage to business partners.

Reporter Cho Yong-seong reports.

[기자]

Ssangyong Motors finally applied for rehabilitation procedures to the court again after 11 years.

Foreign financial companies with maturities of 60 billion won and KDB Bank loans of 9 billion won were both unable to pay back more than 160 billion won.

Ssangyong Motors suffered a deficit for 15 consecutive quarters until the third quarter, and was rejected three times by an accounting firm.

India’s Mahindra Group announced in August that it would drop its largest shareholder status, but the sale is still sluggish.

At the same time, Ssangyong Motors applied for’ARS’, an autonomous restructuring program that allows companies to take the time to resolve themselves first.

Ssangyong Motor said, “During the period of pending rehabilitation procedures, we will agree to reconcile interests with creditors and major shareholders, and finalize negotiations with investors that are currently in progress and apply for withdrawal of the rehabilitation procedure early.”

The court accepted the request for voluntary restructuring and explained that it was “to minimize anxiety on business partners and ensure stable business activities by allowing creditors to receive reimbursement.”

The Korea Development Bank, a major creditor, expressed its position that this rehabilitation procedure is to promote rapid business normalization.

Starting this year, until last month, Ssangyong’s sales amounted to 96,000 units, down by more than 20% compared to last year amid the sluggish exports and domestic demand.

Ssangyong Motor’s number of employees is 4,800, and 600,000 in total will be affected by the company’s rehabilitation or not.

For Ssangyong Motors, it became very urgent to find a new buyer to succeed Mahindra in the three-month period of self-restructuring.

YTN Quiet Seong[[email protected]]is.

[저작권자(c) YTN & YTN plus 무단전재 및 재배포 금지]

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