"Edison has no fault in excluding Ssangyong Motor sale"…Supreme Court dismisses special appeal

Ssangyong Motor Pyeongtaek Delivery Center

[Asia Economy Reporter Choi Dae-yeol] Edison Motors filed a special appeal in protest against the decision to exclude it from Ssangyong Motor's rehabilitation plan, but the Supreme Court did not accept it.

According to the legal community on the 25th, the Supreme Court's First Division dismissed the special appeal filed by Edison Motors and Edison EV against Ssangyong Motor on the 18th without a hearing. Summary dismissal is a system that rejects an appeal without substantive review if there is no special reason such as a serious violation of law in the lower court's decision.

Edison Motors, which was approved for the acquisition and merger (M&A) investment contract of Ssangyong Motor in January this year, failed to pay the remaining balance of 274.3 billion KRW, excluding the deposit of 30.5 billion KRW, by March 25, five business days before the creditors' meeting. As a result, the contract was canceled, and the Seoul Bankruptcy Court decided to exclude Edison from the rehabilitation plan originally submitted by Ssangyong Motor. Edison filed a special appeal in April.

After the termination of the investment contract with Edison Motors, Ssangyong Motor proceeded with resale. The court selected the KG consortium as the final prospective acquirer of Ssangyong Motor at the end of last month.

This content was produced with the assistance of AI translation services.