Ssangyong cancels merger with Edison Motors

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Ssangyong Motor Company announced that it has cancelled its merger investment agreement with Edison Motors Consortium.

KEY TAKEAWAYS

  • What was the reason behind the dissolution of the Ssangyong-Edison Motors contract?

    According to Ssangyong, the consortium failed to meet its payment obligations that was due last March 25.
  • What is Ssangyong's next step after the contract termination?

    Ssangyong said that it will now look for a new investor and submit a corresponding restructuring plan within the statutory period.
  • According to Korean automotive marque, the agreement — that was signed last January — was terminated after the consortium failed to meet its payment obligations that was due March 25, 2022.

    Following the contract dissolution, SsangYong said in a statement that it will now look for a new investor and submit a corresponding restructuring plan within the statutory period.

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    The company known as the “Korean sport utility vehicle (SUV) specialist” said that electric bus manufacturer was selected as the preferred bidder in October 2021. Edison Motors immediately signed a letter of intent with vehicle manufacturer in November last year.

    The investor earlier transferred 10 percent of the purchase price worth ₩304.8 billion (around P13.071 billion) that includes the initial commitment amount.

    In the Philippines, Ssangyong offers the Tivoli subcompact crossover, Korando compact SUV, the seven-seater Rexton SUV, and its pick-up trucks Musso and Grand Musso.

    Photos from Ssangyong Philippines Facebook page

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