ROME – SsangYong Motor Company has completed the repayment of the debt envisaged by the bankruptcy procedure, thus concluding the corporate turnaround process, achieved through the funds deriving from the acquisition by KG Group. The builder now intends to accelerate the normalization of management, achieved ahead of the agreed times, increasing sales and quickly making profits.
The Korean company has already laid the foundations for the stabilization of the business and the development of future growth following the success of the merger and acquisition. Last July, KG Consortium and the workers and managers of SsangYong signed a special agreement between the three parties focused on job security and long-term investment. In September, SsangYong renewed the company’s top management: Kwak Jea-sun was appointed president and Jeong Yong-won as chief executive officer, while the following month steps were taken to consolidate the management with further executive appointments and organizational reforms to support of the changes envisaged by the relaunch.
“On behalf of all SsangYong Motor employees – they underline at the headquarters – we would like to express our sincere gratitude to all interested parties, including the Seoul Bankruptcy Court, creditors and partners for their understanding and support in completing successfully the corporate recovery procedure and in laying the foundations for the recovery from regular activity. In particular, we are appreciative of our customers’ loyalty and, as a completely new and transformed company, we aim to reward their patience by providing the best possible customer service.”
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As envisaged in the operational financing plan, KG Group has also carried out a second round of capital investments, for the repayment of privileged creditors, and is now proceeding with the consolidation of the company’s financial structure. Like most automotive brands, SsangYong’s future will also be given ample space for the electrification of the range, supported by capital funding from the KG Group. Worth mentioning is the success achieved at home for the new Torres SUV which will now also be launched on international markets, while next year the arrival of the U100 is expected, the first fully electric vehicle from SsangYong which will then be followed by other battery-powered models.
Satisfaction with the positive evolution of the company was also expressed by the Koelliker group, importer and distributor of the brand on the Italian market. “We are delighted with this news and, as always, ready to support the SsangYong brand in our country – said Marco Saltalamacchia, executive vice president and CEO of the Koelliker Group – As exclusive importers of SsangYong in Italy, we share the objectives of the South Korean brand, we will support it in its future projects and in the launch of new models and services on the Italian market”. (Maurilio Rigo)