Saneun says it is "inappropriate to request support before acquisition talks" to Ssangyong Motor Edison Motors

Kang Young-kwon, Edison Motors CEO, "Hope for 700-800 Billion Won Loan from KDB"

[Asia Economy Reporter Jin-ho Kim] On the 22nd, the Korea Development Bank (KDB) did not hide its displeasure regarding Edison Motors' request for financial support related to the acquisition and merger (M&A) of Ssangyong Motor. They stated that pressuring for support through the media before even reviewing the business feasibility is inappropriate.

In a statement released that day, KDB said, "It is inappropriate for Edison Motors to unilaterally claim the necessity and justification of KDB's support through the media before starting acquisition-related negotiations."

Earlier, Kang Young-kwon, CEO of Edison Motors, mentioned at a press conference held that day, "We requested that KDB provide a loan of 700 billion to 800 billion KRW."

In response, KDB drew a clear line, stating, "Ssangyong Motor is currently undergoing a pre-rehabilitation M&A process under the supervision of the court and the company, and until now, we have not received any financial support requests from the court, the company, or Edison Motors."

They added, "Since financial support is raised through the burden on the public, we will decide on whether to provide support after sufficient verification and review of Edison Motors' financing details, level, and future business plans."

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