Court Approves Final Acquisition Agreement Between Ssangyong Motor and Edison (Update 2)
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[Asia Economy Reporter Seongpil Cho] The Seoul Bankruptcy Court, Rehabilitation Division 1 (Presiding Judge Kyunghwan Seo) announced on the 10th that it has approved Ssangyong Motor to sign the main contract with the Edison Motors consortium, the preferred bidder for the merger and acquisition (M&A).
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Accordingly, Ssangyong Motor will sign the main contract worth approximately 304.8 billion KRW with the Edison Motors consortium. After signing the main contract, the remaining payment for the acquisition, submission and approval procedures for the rehabilitation plan containing the repayment plan for each creditor and the capital reduction ratio of Ssangyong Motor's shares will follow. Ssangyong Motor must submit the rehabilitation plan to the court by March 1 and obtain consent from the creditors. At the stakeholders' meeting, approval from at least two-thirds of the creditors is required to receive court approval.
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