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▲ View of Ssangyong Motor’s Pyeongtaek headquarters |
[에너지경제신문 오세영 기자] Ssangyong Motor, which was pushed to the edge of a cliff due to a lack of liquidity funds, stopped operating the factory again this time as some suppliers stopped supplying parts.
Ssangyong Motor announced on the 2nd that it will suspend the operation of its Pyeongtaek plant on the 3rd to 5th due to a disruption in the procurement of production parts due to a supplier refusal to supply. Accordingly, there is a concern that sales of all car models will be disrupted and sales will decrease.
Ssangyong Motor has repeatedly operated and stopped the assembly line of the Pyeongtaek plant because the supply of parts was not smooth the day before and that day. This is because large-scale parts makers, including foreign companies, and some small and medium-sized subcontractors have stopped supplying parts by requesting payment of outstanding payments.
After discussions at a meeting held on the 28th of last month, the Emergency Response Committee of Ssangyong Motor’s partner companies agreed to enter the P plan (short-term legal management, pre-packaged plan) for the normal operation of Ssangyong Motor and decided to continue supplying parts. However, some conglomerate parts makers and small-scale companies are refusing to supply parts due to opposition from the decision of the non-subcommittee in which 16 partners participated as representatives.
Earlier, Ssangyong Motor stopped operating its Pyeongtaek plant for two days after a large-sized parts maker requested cash payment and stopped supplying parts immediately after applying for corporate rehabilitation in December last year.
Ssangyong Motor announced that it will resume production on the 8th, but there is a possibility that the resumption of production will be delayed further as negotiations with parts suppliers remain.
Meanwhile, on the same day, the KDB announced that HAAH Automotive, a potential investor, did not make a final decision on the issue of Ssangyong’s P plan entry, and the P plan entry is also unclear.
Sang-Hyun Choi, Senior Vice President of Industrial Bank of Korea, said at a meeting, “The potential investor (HAAH Automotive) left the country without making a final decision on the P plan due to the delay in submitting Ssangyong Motor materials since mid-January.”
Ssangyong Motor maintains the position that HAAH Automotive has virtually agreed to enter into the P plan.
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