Court Approves Ssangyong Motor Rehabilitation Plan... KG Group Acquisition Confirmed
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[Asia Economy Reporter Kim Hyung-min] Ssangyong Motor has received court approval for its rehabilitation plan.
The Seoul Rehabilitation Court, Rehabilitation Division 1 (Chief Judge Seo Kyung-hwan, Presiding Judges Lee Dong-sik and Na Sang-hoon) held a creditors' meeting on the 26th and approved Ssangyong Motor's rehabilitation plan.
At the creditors' meeting, more than 90% of the rehabilitation creditors agreed to the plan, and all secured creditors and shareholders who voted also agreed. For the rehabilitation plan to be approved, at least three-quarters of secured creditors, two-thirds of rehabilitation creditors, and half of the shareholders must agree.
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This decision finalized the acquisition process of Ssangyong Motor by the KG Consortium. The KG Consortium, led by KG Group, paid a total acquisition price of 365.5 billion KRW to Ssangyong Motor according to the rehabilitation plan.
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