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Candidates for SsangYong Motor likely to be narrowed down to three Sale manager reports to court after receiving nine LOIs

Translated by Kim So-in 공개 2021-08-04 08:06:09

이 기사는 2021년 08월 04일 08:05 더벨 유료페이지에 표출된 기사입니다.

South Korea’s ailing carmaker SsangYong Motor, which received letters of intent (LOIs) from about nine potential buyers, is set to select candidates ahead of preliminary due diligence.

EY Hanyoung, which manages the SsangYong sale process, reported to the Seoul Bankruptcy Court the progress of the sale on Monday, according to industry sources. The sale manager is said to have reviewed potential buyers in its report based on their intention to take over and capabilities to participate in the due diligence and the final round of bidding.

The review of eligible candidates is not legally enforceable. All potential buyers are allowed to participate in the preliminary due diligence if they want to.

“The report was made to inform which potential buyers are expected to participate in the preliminary due diligence after the reception of LOIs,” said an industry source.

A total of nine potential buyers submitted their LOIs last week, including SM Group, a consortium of Edison Motors and Keystone Private Equity, and a consortium led by K Pop Motors.

Some potential buyers are believed to have expressed their intention to acquire by submitting LOIs along with information on their assets and liabilities. An industry source expected the sale manager to narrow down eligible candidates to about three.

“The deal has attracted strong response but there is still a possibility of potential buyers pulling out of the deal after the preliminary due diligence,” said the source.

“The sale manager has considered all possibilities when reviewing the candidates. Some of them that don’t seem to have strong intention to acquire are unlikely to be allowed to conduct due diligence regardless of how long they have considered the acquisition.”

The final round of bidding is likely to be scheduled after the due diligence completes at the end of August. The final round of bidding and the selection of a preferred bidder are expected as early as September. (Reporting by Seon-young Kim)
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