|Title||Submission of rehabilitation plan completed and convening of the creditors and stakeholders’ meeting on April 1|
Submission of rehabilitation plan completed and convening of the creditors and stakeholders’meeting on April 1
Ssangyong Motor submitted the Company’s rehabilitation plan to the Seoul Bankruptcy Court on Feb. 25, 2022.
The Court ordered that the creditors and stakeholders’meeting for the hearing of the rehabilitation plan be held on April 1, 2022 at 3 pm.
The rehabilitation plan layouts a plan to repay the Company’s debt using the acquisition money (305 bn won) it received from the Edison Motors Consortium and discusses modification to the shareholders’rights.
According to the repayment plan, the secured debt (approx.. 232 bn won) and taxes (55.8 bn won) will be fully repaid. Other rehabilitation related claims (547 bn won) will be settled using the balance amount (cash repayment rate 1.75%, 98.25% capital conversion).
This rehabilitation plan is not final and will be subject to changes.
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