<Anchor>
Edison Motors signed a main contract with Ssangyong Motor for the merger and acquisition. There are still 270 billion won in the balance payment and the approval of the rehabilitation plan, but the key is whether Edison has secured sufficient funds for the acquisition.
This is reporter Kim Jung-woo's report.
<Reporter>
The Edison Motors consortium signed a main contract to acquire Ssangyong Motor immediately after the court's permission.
It has been more than 80 days since we were selected as the preferred bidder for the acquisition in October of last year.
The acquisition price was 34.8 billion won, including a down payment of 30.5 billion won.
It is likely that Ssangyong Motor will issue 60 million new shares and Edison Motors will buy them at 5,000 won per share.
Apart from the acquisition funds, Edison Motors announced that it would directly invest 50 billion won and use it as a stepping stone to revive Ssangyong Motor.
[Kang Young-kwon/Edison Motors CEO: If possible, the dashboard, interior, chair material, etc., even the grill, if possible, have a cool design, good quality, and good performance, so that consumers will live well.]
There are still mountains to overcome.
Ssangyong Motors must submit a rehabilitation plan to the court by March 1st.
The secured creditors, creditors, and shareholders must agree to the rehabilitation plan to receive final approval from the court. If the debt repayment ratio in the plan does not meet expectations, the creditors may reject it.
Ssangyong Motor's debt, known to financial authorities, is 1.3 trillion won.
The key is whether Edison Motors can secure enough investment to get creditors' consent.
As private equity funds, which had been reducing funds, recently departed, concerns about financing are emerging, and Edison Motors expressed confidence, saying, "There are even second and third ways to raise funds."
(Video editing: Yonghwa Jung)