Ssangyong Motor

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Title The Company to find a new investor for an M&A
Date 2022-04-01

 

 

        The Company to find a new onvestor for an M&A

 

 

On March 29, 2022, the Seoul Bankruptcy Court dismissed the Company’s rehabilitation

plan which was submitted on Feb. 25, 2022 and also cancelled the creditors’and

stakeholders’meeting scheduled for April 1, 2022 as Edison Motors Consortium failed to

remit the balance acquisition money on time. It extended the submission deadline for a new

 rehabilitation plan to May 1, 2022.

 

 

As Edison Motors Consortium failed to remit the acquisition money, the M&A contract

was terminated, and the Company is planning on finding new investors. By attracting

new investors for an M&A, the Company will submit a new rehabilitation plan to the

Court by mid-October 2022, which is the deadline for obtaining an approval for a

rehabilitation plan.
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