Ssangyong Motor’s factory restarts on the 16th… “I see hope for the P plan”

The front door of Ssangyong Motor’s Gyeonggi Pyeongtaek plant is firmly closed. Newsis

Ssangyong Motor, whose factory was stopped due to a supplier’s refusal to supply parts, will resume operation on the 16th.

An official from Ssangyong Motors said on the 15th, “We plan to operate the factory from the 16th with existing parts stock.” Earlier, Ssangyong Motor’s failure to pay for the payment caused a problem in procurement by refusing to supply parts by demanding payment of outstanding payments and cash payments mainly from foreign parts makers. On the 3rd to 5th and the 8th to 10th, the Pyeongtaek plant in Gyeonggi Province was suspended. After applying for corporate rehabilitation at the end of last year, the factory was closed for a total of 8 days.

Ssangyong Motor continues to discuss the supply of parts, such as executives directly finding suppliers to persuade them to resume delivery. An official of Ssangyong Motor said, “At present, 20-30% of them have not been discussed yet, but we are still meeting and persuading them.” . However, as it is expected that this problem will be solved only when payments are made to the partner companies, there is always an ember of the factory shutdown.

Ssangyong Motor plans to submit a preliminary rehabilitation plan to the court with the consent of the creditors by the end of this month and enter the P plan, a short-term court official. To this end, the discussion with Mahindra, the major shareholder, is scheduled to end this week. In addition, it plans to apply for a P plan by the 26th by signing an investment contract with HAAH Automotive.

On the afternoon of the 16th, Ssangyong Motor plans to hold a meeting with the Ssangyong Motor Partners’ Emergency Response Committee, which is composed of 300 small and medium-sized partners, to share the current progress and future plans.

Byungwook Cho, reporter [email protected]

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