Ssangyong Motor Company is ready to take off with a Court's approval for its self-rescue plan


▪New foundation is laid today for a turnaround as the court approves the self-rescue plan.
▪Readjustment of debt and conversion of investment will improve the financial structure.
▪Ssangyong Motor Company will get a firm stand to make a second takeoff within 3 years to come as it successfully executes the turnaround plan.
▪The company also plans to select a lead manager as soon as possible to embark on M&A.

Ssangyong Motor Company is now ready to go ahead with its self-rescue plan as the Seoul Central District Court decided to overrule the objections in giving approval on the revival plan on Thursday afternoon.

In the third gathering for the interested parties held on December 11, the rehabilitation plan set forward by Ssangyong Motor was rejected due to mounting opposition from foreign creditors. However, the court decided that it would be better to give the company an opportunity to make a turnaround to protect the interest of shareholders and creditors as well as vendor companies whose payments are still due. Ssangyong Motor Company has expressed its gratitude over the opportunity to revive the company given by the court's decision.

It is expected that the company's financial structure will be improved by afar and that the business operation will be normalized as Ssangyong Motor Company executes the turnaround plan including capital decrease, investment conversion and reimbursement.

Ssangyong Motor Company also plans to embark on M&A by normalizing the management within to ehortest time possible based upon to positive result of the restructuring in order to establish a foundation for the
company to achieve development in the long run.

"We would like to express our heart-felt appreciation for those who have extended their full support and understanding until today. We believe that the best way for us to pay them back is to revive the company as a global contender by executing our self-rescue plan without any further setbacks. We will do our best to become a corporate citizen who will contribute to the development of local and national economy and torecompenseour shareholders, creditors and our customers who have stood by us through thick and thin," said Lee Yoo-il and Park Young-tae, co-legal trustees of Ssangyong Motor Company.