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Biz News Korea(Eng)

KG-led consortium declared final preferred bidder for SsangYong Motor

Collected: 2022.06.28

Distributed: 2022.06.29

Source: Go Direct

[Photo by Han Joo-hyung]

A consortium led by KG Group, a designated stalking-horse bidder, has been declared the final winner for court-protected SsangYong Motor Co. to end the two-year-long ordeal for the Korean carmaker as no other contestant reportedly has beaten its price and other acquisition terms.

The Seoul Bankruptcy Court on Tuesday endorsed KG Group consortium as the preferred bidder for the controlling stake in SsangYong Motor as filed by the carmaker and court-appointed auditor EY Hanyoung earlier in the day.

Ssangbangwool (SBW) Group which challenged the consortium after losing the stalking-horse bid again is said to have failed to prevail over KG Group’s terms.

SsangYong plans to sign a final contract by early next month and hold a congregation in the end of August to seek creditor approval for its rehabilitation plan.

KG consortium is said to have offered to inject 600 billion won ($467 million) in fresh operating capital on top of 350 billion won in acquisition fund.

KG Steel shares ended Tuesday 8 percent down at 15,950 won while SBW shares fell 5 percent to 590 won and Kanglim 4.2 percent to 1,590 won.

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