SsangYong exits insolvency following acquisition by KG Group

[ad_1]

SsangYong introduced on Friday it made the ultimate reimbursement on a bridge mortgage that has stored the Korean automaker afloat because it grew to become bancrupt in late 2020.

SsangYong, which does not function within the U.S., ran out of funds after its earlier backer, India’s Mahindra & Mahindra, stopped additional funding whereas trying to find a purchaser.

An preliminary deal to promote SsangYong to a consortium led by fellow Korean automaker Edison Motors fell by way of in Might.

SsangYong was then bought to runner-up bidder KG Group, a Korean conglomerate specializing in chemical substances and metal manufacturing, in June. KG Group acquired 58.85% of SsangYong at an alleged worth of 335 billion received (roughly $253 million), along with a pledge to speculate an additional 564 billion received ($426 million) to fund operations.

Kwak Jea-sun took over as chairman and Jeong Yong-won as CEO following a September assembly of shareholders.

SsangYong now plans to give attention to transitioning to an EV lineup in a bid to return to profitability. The automaker in June launched the new Torres SUV with a fuel engine, and plans to an electrical choice subsequent yr.

The automaker has additionally beforehand introduced a plan to construct a car plant in Saudi Arabia.

[ad_2]

Leave a Comment