Ssangyong Motor "No basis whatsoever for the evaluation that liquidation value is high"
[Asia Economy Reporter Changhwan Lee] Ssangyong Motor recently stated that claims made by some media outlets that the liquidation value is higher than the going concern value are completely unfounded.
On the 29th, Ssangyong Motor issued a statement asserting, "The evaluation results of Ssangyong Motor regarding the interim report by the court-appointed investigation committee (Han Young Accounting Corporation) have no basis whatsoever."
According to related industry sources, EY Han Young Accounting Corporation reportedly submitted an interim report to the Seoul Bankruptcy Court on the 22nd stating that, under the current circumstances, the liquidation value of Ssangyong Motor is higher than its going concern value.
Ssangyong Motor emphasized, "The investigation report submitted to the court does not reflect the business plans or synergy-related matters of potential acquirers in the event of a successful merger and acquisition (M&A). Since the going concern value can vary significantly depending on which domestic or international automotive market forecasts from research institutions are applied, it is completely meaningless to mention the success of M&A or liquidation based on this report."
They added that especially at the current stage, where Ssangyong Motor is proceeding with a pre-approval M&A regardless of the investigation results following the decision to commence rehabilitation proceedings, comparing the going concern value and liquidation value is even more meaningless.
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Furthermore, they explained, "Ssangyong Motor has already announced the sale and entered the full-scale M&A process, and plans to establish an early business normalization plan through consultations with potential buyers based on future business plans. We intend to dispel market concerns through smooth implementation of the self-rescue plan and normal production and sales activities."
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