[이코노믹리뷰=최동훈 기자] Ssangyong Motors is entering into the P plan (pre-packaged plan).
Amid the breakdown of the four-party sale negotiations for Mahindra-Ssangyong Motor-KDB Development Bank-HAAH Automotive, it is known that a consensus was formed that the only way to rehabilitation was the P plan card, which added a new funding function for workouts and a debt adjustment function for legal management. .
According to industry sources on the 30th, Ssangyong Motor is expected to conclude investment negotiations with the HAAH Automotive and P plan with April as the deadline.
It is said that a certain consensus has been formed with HAAH. Ssangyong Motor has decided to carry out a third-party capital increase of $250 million to HAAH, and in the process, it is said that the entire Mahindra Group will be reduced and HAAH will secure 51% of Ssangyong Motor.
With HAAH open to various possibilities to embrace Ssangyong Motor, attention is focused on the development of the P plan.
The P plan undergoes short-term court management for about three months on the premise of supporting new funds from creditors, and it is possible to quickly adjust debts led by the court. Ssangyong Motor plans to submit a preliminary rehabilitation plan containing debt settlement plans to the court after obtaining consent from creditors based on the P plan agreement.
The 200 billion won bill, which had reached maturity, was temporarily suspended through the consent of its partners, and the government is also preparing various support measures for the recovery of Ssangyong Motor. Ssangyong Motor introduced a corporate rehabilitation application and autonomous restructuring support (ARS) program to the court last month, and is determined to submit a preliminary rehabilitation plan for the P plan before the start of the rehabilitation procedure.
However, some say that it will be difficult to agree with creditors, a key prerequisite for the P plan. It is pointed out that creditors with more than half of the debtor’s debts have to prepare a plan for rehabilitation of the P plan, and a bursting sound is inevitable in this part.
Partners have stopped supplying as expected when Ssangyong Motor applied for corporate rehabilitation procedures. It is questionable whether these partners will be able to guarantee the time required for Ssangyong Motor.
HAAH’s financial power also has a question mark. Realistic points are emerging as to whether HAAH with annual sales of 25 billion won can bear Ssangyong Motor. There are also concerns that HAAH, which is working with China‘s Cherry Motors, will relive the Shanghai Automobile Nightmare. This is because HAAH, which is connected with Chinese capital, can perform similar behavior to Shanghai Motors, which left only Ssangyong’s technology.