이 기사는 2021년 05월 27일 07:36 thebell 에 표출된 기사입니다.

SsangYong Motor, currently under court receivership, is expected to start its sale process in earnest as early as the end of June.

EY Hanyoung, a supervising accounting firm in charge, will submit its financial report on SsangYong to the court by June 10. Whether the cash-strapped carmaker will be able to secure a prospective buyer which can get conditional funding and consent on the plan for rehabilitation procedures from Korea Development Bank, the main creditor of SsangYong, will be the key to the rehabilitation process.

SsangYong is expected to select a sale advisor as early as this week to find a new investor, industry sources said. Then, the company will set the concrete plans on the sale through discussion with the court. SsangYong has been in the court-led debt rescheduling process since last month.

SsangYong is currently carrying out marketing campaigns towards potential buyers while selecting its sale advisor. The company will sell itself through a stalking-horse bidding process if it finds a prospective buyer.

The SUV-focused carmaker reportedly received letters of intent (LOI) mainly from strategic investors, but whether they will finish the race remains to be seen as the offers are non-binding.

US vehicle importer HAAH Automotive Holdings is said to remain among the potential bidders though it failed to submit a LOI to a bankruptcy court to acquire the financially troubled carmaker.

HAAH may speed up the sale process if it decides to buy the automaker this time, considering it and SsangYong discussed detailed terms during SsangYong’s preparations to file for a prepackaged bankruptcy program.

Market insiders said whether SsangYong will secure the genuine prospective buyer which will get consent from creditors will be the key to exit from the court-led rehabilitation proceedings. (Reporting by Seon-young Kim)