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Ssangyong union agrees on restructuring plan, Auto Information, Automobilnews – Information by Automobilnews.eu

Ssangyong union agrees on restructuring plan, Auto Information, Automobilnews


SsangYong is predicted to ask tenders by subsequent month on the consent of the union.

New Delhi: The employees at money strapped Ssangyong Motor has agreed to just accept the restructuring measures even because it struggles underneath court docket receivership. The Korean carmaker, SsangYong Motors seems to be to finish the sale course of by discovering a brand new majority investor by this October.It’s understood that out of three,224 unionized staff, 1,681 which works out to 52 % accepted the corporate’s proposal to furlough staff. The remaining employees will see a discount in wages.

The Ssangyong labour union has additionally agreed to take a two-year unpaid depart with all firm advantages suspended till June 2023.

Whereas Ssangyong will proceed to dump property for extra liquidity, the administration has additionally determined to implement a further 20% wage lower.SsangYong is predicted to ask tenders by subsequent month on the consent of the union. The court-appointed auditor Ernst & Younger Hanyoung, is to supervise the sale course of, in line with sources.

With the elevated push for electrical autos globally, SsangYong is more likely to see extra EV bidders too within the fray. Whereas US Based mostly Haah Automotive continues to be within the sport, others together with electrical bus maker Edison Motors and a consortium of EV makers together with a PE fund are additionally displaying curiosity in choosing up a stake.

The worth of the stake is more likely to be mounted at round 250 million {dollars}, provided earlier by Haah Automotive. A Mahindra spokeswoman maintained, “It’s a court docket run course of and we can not touch upon it”.

SsangYong has over the previous few weeks lower a couple of senior govt jobs because it continues with its ongoing cost-cutting drive. This has led the employee unions to stage protests from its manufacturing base in Pyeongtaek asking for readability from its foremost shareholder Korean Improvement Financial institution. The Seoul Chapter Courtroom on April 15 authorized the debt-rescheduling course of for SsangYong Motor because the US-based HAAH Automotive, the one entrance runner then didn’t submit a letter of intent (LOI) by the March 31 deadline.



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Ssangyong union agrees on restructuring plan, Auto Information, Automobilnews – Information by Automobilnews.eu
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