Seoul [South Korea], July 6: Kwak Jae-sun, chairman of the KG Group, which will acquire SsangYong Motor, said on the 5th that KG Group will not conduct restructuring after the acquisition.
Chairman Kwak attended the media showcase of SsangYong Motor's mid-sized SUV Torres held at Nest Hotel in Incheon, and said, "There will be no restructuring after the acquisition. It's more like I'm appointed as SsangYong Chairman than the acquisition."
Although the acquisition process is underway as the SsangYong Motor's rehabilitation plan has not yet been approved by the court, Chairman Kwak attended the new car showcase to support SsangYong Motor.
Regarding the acquisition financing and negotiations with creditors, Chairman Kwak said, "There will be no problem."
He also said, "Hyundai and we are partners, not competitors. SsangYong is still staying in the domestic market, so it will have to enter the global market following its big brother Hyundai."
Chairman Kwak also said, "We have participated in the acquisition of SsangYong Motor with a sense of mission."
"I attended various events, but today's event is the most exciting and passionate. SsangYong Motor will be the last management challenge in my life," he said.
"There are three reasons why companies exist," he added. "First, it is to make good products to contribute to the world. Second, it is make a good living place for corporate members, and third, to repay investors with trust."
He said, "Starting with Torres, we will launch a mid-sized electric SUV models in the second half of next year. We will launch the 'KR 10' the improved version of SsangYong's flagship model Korando in mid-2024, and an electric pickup truck for the first time in Korea in the second half of 2024."
Source: Global Economic