According to South Korean media reports, China's Shanghai Automotive Corporation (SAIC), which has been named the preferred bidder for the acquisition of Ssangyong Motors, is set to conduct a site inspection of the company this week. While the Ssangyong Motor Union has stated it will not oppose the document review, there is growing concern over the timing and decision-making process surrounding the on-site investigation.
Industry sources revealed that officials from the Shanghai Auto Group will use a three-week period, from August 16 to September 3, to carry out the due diligence. According to the plan, SAIC will first review documents before proceeding with an on-site visit to the Pyeongtaek factory.
In response, the creditor group is waiting until the end of the field investigation to negotiate the final terms of the deal, including the purchase price and other contractual details. They aim to sign a formal agreement and complete the transaction by the end of October.
To strengthen the binding nature of the negotiations, the creditor group has reportedly secured a performance guarantee from a foreign bank. This move is seen as a critical step in ensuring the financial credibility of the deal and protecting the interests of all parties involved.
The acquisition process remains under close scrutiny, with both sides working to ensure transparency and compliance with legal requirements. As the deadline approaches, the outcome of these discussions could significantly impact the future of Ssangyong Motors and its workforce.
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