SsangYong Motor Company repays rehabilitation debt

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SsangYong Motor Firm has accomplished the compensation of the rehabilitation debt with funds from its acquisition by the KG Group.

The producer grew to become bancrupt in late 2020.

It has now accomplished its company rehabilitation process 18 months after the beginning in April 2021.

SsangYong appointed Kwak Jea-sun as its new chairman and Jeong Yong-won as CEO September.

In July, the KG Consortium and SsangYong’s labour and administration signed a three-party particular settlement specializing in job safety and long-term funding. Labour-management cooperation was strengthened to additional solidify labour relations and to keep away from a repeat of earlier failures on this space.

The KG Group additionally accomplished a second spherical of capital funding in October to repay precedence claims and as a part of its operational financing plan. After repaying its rehabilitation money owed, it mentioned that it’s accelerating the advance to the corporate’s monetary construction resulting in the swift normalisation of enterprise.

The long run progress of SsangYong shall be based mostly on the corporate’s transfer in the direction of electrification, supported by extra capital funding from the KG Group.

SsangYong Motor officers mentioned: “On behalf of everybody at SsangYong Motor, we want to specific our honest gratitude to all stakeholders, together with the Seoul Rehabilitation Court docket, collectors and companions for his or her understanding and help in efficiently finishing the company rehabilitation process, and laying the inspiration for the corporate’s enterprise normalisation. We significantly attain out to our prospects to thank them for his or her loyalty, and as a totally new and reworked enterprise, intention to reward them by offering the absolute best customer support, and thank them for his or her persistence.”

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