As Edison Motors failed to pay the balance of the purchase price for Ssangyong Motor within the due date, the possibility of the acquisition being canceled is increasing.
As the union and commercial creditors of Ssangyong Motor oppose the acquisition of Edison Motors along with the non-payment of the balance, there is also a forecast that the merger and acquisition contract will be terminated within this month.
It is known that the Edison Motors consortium failed to pay the balance by the 25th of this month, which is the due date for the payment of the balance.
Previously, the Seoul Rehabilitation Court required Edison Motors to pay the entire acquisition price five days before April 1, the date of the assembly.
However, it is known that Edison Motors might not pay the balance of KRW 274.3 billion following subtracting KRW 30.5 billion of the down payment already paid.
Accordingly, Ssangyong Motor has the right to terminate the merger and acquisition agreement signed with Edison Motors.
(Photo = Yonhap News)
