SsangYong Motor starts to seek new buyer Carmaker to receive letters of intent next month
Translated by Kim So-in 공개 2021-06-30 07:48:38
이 기사는 2021년 06월 30일 07:38 thebell 에 표출된 기사입니다.
South Korea’s financially ailing carmaker SsangYong Motor has officially been put up for sale.EY Hanyoung, which is managing the sale process, will sell the automaker through a public auction, according to sources Monday. The seller will receive letters of intent and confidentiality agreement from potential buyers by July 30. It will run preliminary reviews of the bids until August 27, followed by a final round of bidding.
With the company put up for auction, market insiders are paying attention to whether the automaker will find a new owner. Previously, ailing budget carrier Eastar Jet held a competitive bidding after securing a stalking-horse bidder first.
But SsangYong Motor failed to secure a stalking-horse bidder. U.S. vehicle importer HAAH Automotive Holdings had expressed interest in the preliminary process, but did not officially submit its bid.
Several strategic investors also had expressed their interest in the deal, but it has to be seen whether they will remain in the race.
“In many cases, the sale price and reimbursement rate are discussed in advance through the right of first refusal when a buyer is keen to take over a company,” said an industry source. “Although there were potential buyers which had previously expressed their interest in SsangYong Motor, the sale is not being carried out through a stalking-horse bid, which reduces the possibility of clinching the deal.”
Market insiders noted whether the automaker will secure a buyer until the final round of bidding is the key to the deal. The deal may fall apart if potential buyers decide to pull out after submitting their letters of intent. Even if prospective buyers do submit their bids, the rehabilitation procedures can be cancelled if they offer less than the liquidation value.
“It is unclear whether HAAH will actually acquire the automaker despite its interest,” said the source. “The sale process desperately needs not only sufficient potential buyers, but those with a real intention to buy which will reduce the risk of cancellation of the final round of bidding.”
SsangYong Motor has reduced the burden of priority debts as its unionized workers accepted rotating unpaid leave and a wage cut. (Reporting by Seon-young Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- [아시아나 화물사업부 M&A]MBK 손잡은 에어프레미아, 다크호스 등극
- [대기업 프로스포츠 전술전략]전북현대, '돈방석' 기회 끝내 놓쳤다
- 골프존, 주가 하락에 발목잡혔나…GDR 분할 '무산'
- [Art Price Index]시장가치 못 찾은 퍼포먼스 작품
- 하이브 '집안싸움'이 가리키는 것
- 이익률 업계 톱인데 저평가 여전…소통 강화하는 OCI
- KB금융, 리딩금융의 품격 ‘주주환원’ 새 패러다임 제시
- 대외 첫 메시지 낸 최창원 의장의 속내는
- KG모빌리티, 라인 하나로 전기차까지
- [이사회 분석]갈 길 바쁜 LS이브이코리아, 사외이사 없이 간다