Takeover by Edison: Sale of SsangYong is perfect

The consortium around the South Korean electric bus manufacturer Edison will take over the ailing car maker SsangYong. It had already been selected as the preferred bidder in October, and an agreement has now been signed after some disputed points had been clarified. SsangYong hopes that this will resolve future uncertainties and that business operations can quickly return to normal. Edison has already transferred ten percent of the purchase price, the equivalent of around 213.36 million euros.

SsangYong will now call a meeting of shareholders and creditors to obtain their approval. The car manufacturer has until March 1, 2022 to present a restructuring plan that regulates the distribution of the takeover amount to the creditors. At least three quarters of the secured creditors, two thirds of the creditors and half of the shareholders must approve the plan. The consortium must transfer the remainder of the takeover amount no later than five working days before the meeting.

SsangYong has around 180 dealers in Germany and offers the SUVs Korando, Rexton and Tivoli. However, the success is modest: in 2020 the brand sold just 1,715 cars, last year it was 792.

Also read:

Korean electric truck manufacturer: Edison takes over SsangYong

SsangYong names preferred bidder

Three bidders in the running: SsangYong shortly before the sale

From the data center:

New car registrations in Germany in December 2021

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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