EdisonEV Files Injunction to Preserve Contractual Status Following Ssangyong Motor Contract Termination

[Asia Economy Reporter Lee Jung-yoon] EdisonEV announced on the 28th regarding the termination of the merger and acquisition (M&A) investment contract with Ssangyong Motor that "the M&A investment contract was automatically terminated because Ssangyong Motor did not deposit the acquisition payment, which was to be deposited by March 25 of this year, five business days before the date of the creditors' meeting."

Furthermore, the company stated, "The consortium we are participating in requested EY Han Young Accounting Corporation, the sales agent, to change the date of the creditors' meeting on the 18th of this month in accordance with the M&A investment contract, but on the 25th, we received an opinion that it would be difficult to accept the request to change the date." It added, "Therefore, the consortium we are participating in submitted an application to the rehabilitation court for a change of the creditors' meeting date through a law firm on the 28th, the date of this disclosure."

In addition, it added, "The consortium we are participating in plans to file a provisional injunction to preserve the contractual status regarding the termination of this contract."

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