<Anchor>



Ssangyong Motors failed to pay 165 billion won in debt and eventually applied to the court for corporate rehabilitation procedures.

In 2009, we applied for rehabilitation due to severe business difficulties, but after 11 years we faced a crisis again.



Reporter Lee Seong-hoon reports.



<Reporter> On the



15th, Ssangyong Motors announced that it had overdue 60 billion won borrowed from foreign financial institutions such as JPMorgan.



Then, today (21st), the maturity of KRW 90 billion in loans from Korea Development Bank and KRW 15 billion in loans from Woori Bank was reached.



It has been 11 years since I applied for corporate rehabilitation in 2009.



However, Ssangyong Motors announced that it would simultaneously receive an application for a self-organization support program asking the court to postpone the start of the rehabilitation process for up to three months, to resolve the liquidity issue and to take the rehabilitation procedure.



But the situation is not easy.



Sales of Ssangyong Motors this year decreased by 20.8% compared to last year, and the deficit has continued for 15 quarters.



This is due to the intensification of competition for SUVs, the flagship SUV, and the corona crisis.



Also, due to the deteriorating financial structure, the auditor's opinion was rejected for the third consecutive quarter of this year.



India's Mahindra, who announced his intention to abandon Ssangyong Motor's position as a major shareholder, has been negotiating a sale with an American automobile retailer, but there is no progress.



[Lee Hang-gu / Research Fellow, Korea Automobile Research Institute: Labor-management has worked together to find a smooth normalization plan, but since there is no sharp solution yet, the rehabilitation procedure has been entered as a result...

.]



After the acquisition of Mahindra in 2011, Ssangyong Motor dreamed of a resurgence with Tivoli and others, but amid the large shareholders' ignorance, a vicious cycle of a sharp decline in sales, a deficit, sluggish investment, and the absence of new cars turned into a life-and-death cycle.



(Video editing: Seungjin Lee)