In a recent development, an official from South Korea's Chohung Bank confirmed to local newspapers that Changhong Bank and Ssangyong are set to sign a memorandum of understanding within the next month regarding the sale of the SUV manufacturer they control. Jae-Yoo Kim, vice president of Changhong Bank, also mentioned to Dow Jones Financial News that a decision on the preferred buyer is expected soon.
Ssangyong’s creditors have been actively seeking a buyer for the struggling automaker, with Shanghai Automotive Industry Corporation (SAIC) emerging as a key contender. Last month, SAIC submitted a bid, joining other potential buyers such as China’s BlueStar Group and several investors from Hong Kong and the U.S. Earlier, BlueStar had been considered a top choice, but it lost its priority status due to disputes over pricing and lack of government backing in China.
Following this, Ssangyong’s creditors began reoffering their 48.92% stake in the company. In December of last year, SAIC received approval from China's National Development and Reform Commission as the sole Chinese buyer for Ssangyong Motor Company. Since Ssangyong separated from the bankrupt Daewoo Group in 1999, the company has shown some improvement, but its heavy debt burden remains a significant challenge if it is to sustain operations independently.
Currently, Ssangyong has an annual production capacity of 180,000 vehicles. The ongoing negotiations highlight the complex financial and strategic considerations involved in the sale, as stakeholders seek a viable future for the once-prominent automaker. (Wolf) Beijing Youth Daily – Automotive Age
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