Creditors and shareholders of Ssangyong Motor Company passed an Amended Rehabilitation Plan by an overwhelming majority, taking a major step in the finalisation of the M&A process with India’s Mahindra & Mahindra Ltd., and establishing a significant bedrock for revival.
At the assembly, the Amended Rehabilitation Plan was passed by 100 pc of rehabilitation mortgaged creditors, 94.2 pc of rehabilitation creditors, and 100 pc of stockholders - an approval rate far surpassing the court required majority.
Ssangyong Motor joint receiver, Yoo-Il Lee, remarked, “I would like to express my deepest gratitude toward the creditors for passing the Amended Rehabilitation Plan, thereby ushering in a new phase of revival and recovery. I would also like to extend thanks to the employees of Ssangyong who have continued to loyally strive for the company’s betterment during the challenges of the past two years. Mahindra’s international footprint, strengths in R&D and product development will enable SYMC to emerge as a global SUV player.”
Dr. Pawan Goenka, President, Auto and Farm Sectors, Mahindra & Mahindra Ltd. commented, ““We are delighted that the Amended Rehabilitation Plan has been approved and now look forward to developing mid-term and long-term strategies for synergy and growth. I would like to thank the shareholders and creditors of Ssangyong Motor Company for their cooperation and employees for their patience with the process.”
“We look forward to regaining SsangYong’s past stature as a leading SUV maker through the cooperation between Mahindra and SsangYong,” remarked Kyu-Han Kim, the Union Leader of SYMC.
The widespread consensus amongst creditors was based on the view that an early termination of the rehabilitation procedure would be most beneficial for Ssangyong Motor Company, and would eliminate uncertainty for all involved parties. Ssangyong can now seek to terminate its 2-year long rehabilitation process, which began on February 6, 2009. In so doing, the company will establish not only a consistent and stable business foundation, but a platform upon which it can seek future growth.
New measures, in accordance with the court approved Amended Rehabilitation Plan, including the issuance of new stocks and corporate bonds (5 working days after approval counting the Asian lunar New Year), will occur through February 9th.
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