Edison Motors "Will File Injunction to Preserve Contract Holders' Status for Ssangyong Motor"

[Asia Economy Reporter Yoo Hyun-seok] Edison Motors announced on the 28th that it will file a provisional injunction to preserve its status regarding the termination of the contract with Ssangyong Motor.

On the same day, Ssangyong Motor disclosed that the investment contract for the merger and acquisition (M&A) signed with the Edison consortium on January 10 was terminated. The contract was automatically terminated because the Edison consortium failed to deposit the acquisition payment by March 25, the business day before the creditors' meeting date.

Edison Motors claimed that Ssangyong Motor's decision to terminate the contract was an act that ignored procedures and regulations. A representative from Edison Motors said, "Regarding the application for modification of the business combination requested to the court, we were told to apply for the modification by the 29th," adding, "The notification of contract termination by the administrator from Ssangyong Motor is an act that disregards the procedures and regulations, including those of the court overseeing the administration."

Edison Motors plans to proceed with a provisional injunction to suspend the effect of the contract termination. The representative emphasized, "We intend to request the replacement of administrator Jeong Yong-won, who unilaterally notified the contract termination in disregard of the procedures and regulations of the court overseeing the administration."

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