[Breaking] "Saneun's Support for Ssangyong Motor Must Accompany Investor Attraction and Business Plan"
[Asia Economy Reporter Park Sun-mi] The labor and management of Ssangyong Motor, which is undergoing corporate rehabilitation procedures, have reached a final agreement on a self-rescue plan centered on two years of unpaid leave. However, KDB Industrial Bank stated that funding support for Ssangyong Motor is not possible with this plan alone.
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At a press briefing on the 14th, KDB Industrial Bank Chairman Lee Dong-geol reiterated the existing principle that "Ssangyong Motor must attract investors with management capabilities and present a sustainable business plan for financial support to be possible," adding, "Although this self-rescue plan has an effect of reducing fixed costs, it is not sufficient alone to make a judgment on the normalization of Ssangyong Motor's management. Therefore, at this time, we have no position to announce regarding KDB's (funding support)."
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