▪SYMC is ready to take another step before the final approval of the turnaround plan in December.
▪The court will convene a meeting on December 11 with the stakeholders to vote again on a revised turnaround plan.
▪YMC will continue additional talks with stakeholders to converge various opinions.
▪YMC will make utmost efforts to get an endorsement in the December meeting.

A Seoul court delayed its decision on whether to approve the turnaround plan submitted by Ssangyong Motor Company (www.smotor.com) on November 6th (Fri.) after the plan failed to gain the needed support for the approval among the foreign CB holders.

The request for holding a follow-up meeting on December 11th (Fri.), however, was approved to convene another meeting with the stake holders of Ssangyong to vote again on a revisedturnaround plan.

The company's revival plan was rejected even though the plan had been elaborated to minimize the loss incurred by stakeholders while protecting their rights and interest, commented Ssangyong expressing its regrets. However, it is committed to readjust the details of the turnaround plan to receive the final approval at the December meeting, the person-in-charge added.

The court has a system to protect majority stakeholders's rights and interest from a partial creditors' excessive pursuit of their own interest, and it is therefore expected to draw a positive result at the follow-up meeting.

In its evaluation at the meeting, the investigation committee PWC (Pricewaterhouse Coopers) announced that even with the loss of 31.8billion won worth of asset due to the over 2-month long violent labor strike, the company still has a higher value when it continues operation than when being liquidated. It also suggested that, if the plan is executed as planned, the current price reimbursement rate shall be made higher than the liquidation dividend rate satisfying the principle to secure the liquidation value and that the prospect for execution of the plan is relatively high if there is an additional loan.
"It is a regrettable decision," Lee Yoo-il and Park Young-tae, Legal trustee for the company told the reporters following the decision at the court. "We, nevertheless, accept the court decision that an additional discussion is necessary to adjust different requests by multiple stakeholders. We are positive that we will get an endorsement in the second round of talks in December as we have finalized the restructuring process and the management and labor alike are putting their utmost efforts into normalizing the company," they added.