The Korea Development Bank (KDB) sent a letter of reply to the court on April 6 on whether Ssangyong Motor will begin the rehabilitation process.
Meanwhile, Ssangyong's leading investor HAAH Automotive is still not releasing a Letter of Intent (LOI), which is expected to be nearing a turnaround in the rehabilitation process.
According to the financial sources on April 6, the Seoul Rehabilitation Court sent a letter of inquiry to Ssangyong creditors on April 1 asking if Ssangyong would start the rehabilitation process.
HAA Automotive did not send a letter of intent to invest until March 31, the deadline when the court requested it.
The inquiry reportedly asked for opinions on the appointment of managers and investigators in addition to whether they agreed to initiate the rehabilitation process.
The issue of Ssangyong's rehabilitation process depends entirely on the court's decision. It is likely that the court, which heard the opinions of creditors, will decide to turn the rehabilitation process around April 8 to 10 after the April 7 by-election. Ye Byung-tae, CEO of Ssangyong Motor, is likely to be the manager.
