Ssangyong: Restructuring well underway
IMPROVED FINANCES With the final approval of the restructuring plan, Ssangyong Motor is laying the foundations for an economic turnaround. The South Koreans now want to get back on track as quickly as possible.
Ssangyong Motor Company announces that the Seoul Bankruptcy Court has declared that it will approve the reorganization of the company following the meeting of related parties and the special examination date to finalize the reorganization proposal. As part of this process, the company is now in a position to move forward with its business turnaround.
60,000 pre-orders for new model
Now that the restructuring has been approved, Ssangyong will focus on revitalizing its business management with an improved financial and capital structure while implementing the restructuring plans to pay down debt, reduce inventory and capitalize investments.
Insolvency administrator Yong-Won Chung: "Ssangyong employees have done their best for the company by fulfilling the self-rescue plan, which includes the development of a new model called Torres. This new car was launched in July and orders already exceed 60,000 units, resulting in a reduced operating loss compared to last year."
All stakeholders and customers have confidence
Jae-Sun Kwak, Chairman of KG Group: "I am very pleased to see the close cooperation between KG Group and Ssangyong. I will fully support Ssangyong Motor to restore the confidence of all stakeholders, including customers, and help normalize the business as soon as possible."
