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Title | SsangYong cancels its investment contract with Edison Motors Consortium |
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Date | 2022.03.28 |
▪ Edison fails to fulfill its obligation to deposit the acquisition balance due by March 25
SsangYong Motor Company (SYMC) has announced that the Investment contract for the Merger & Acquisition (M&A) signed on January 10, 2022 with Edison Motors Consortium has been cancelled. Edison Motors Consortium was expected to deposit the balance for its takeover by March 25 (five business days before the date of the creditors’ meeting), but it has failed to meet this deadline.
With the termination of the investment contract with the Edison, SsangYong will look for a new investor and submit a new rehabilitation plan to the court within legal period. The condition of SsangYong Motor Company has improved since the M&A process began in June 2021, due particularly to the following: ▪The company will launch new J100 model at the end of June.
Yong-won Jung, the receiver, commented: “Such an improvement in business conditions increases the company’s future value and attracts more competitive acquirers. We will make every effort to secure a re-sale in the shortest time possible, not only to alleviate the concerns of our partners, but also to build a firm foundation for the company’s long-term growth. <End>
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