이 기사는 2021년 04월 05일 08:09 thebell 에 표출된 기사입니다.

SsangYong Motor is unlikely to find another buyer if discussions between the ailing automaker and U.S.-based HAAH Automotive Holdings collapse, which could result in the liquidation of the company.

The Seoul bankruptcy court has asked the automaker to update on the progress in negotiating with a potential buyer, industry sources said.

In December last year, SsangYong applied for the bankruptcy court's autonomous restructuring support program and was originally given until February 28 to find a solution with creditors. The deadline was extended to March 2, which also already expired.

SsangYong has been in talks with HAAH over the sale over the past months. But there has been little progress with many expecting the U.S. company to pull out eventually.

The automaker initially sought to submit a reorganization plan with the court to file for a prepackaged bankruptcy that will reduce its debt burden. This required the nod of creditors holding more than half of the company’s debt. SsangYong is unlikely to get consent from creditors if it fails to reach an agreement with HAAH.

The collapse of the deal would force SsangYong to go through rehabilitation proceedings that will be supervised by the court, where the automaker will find a new buyer or start a process to liquidate the company. But chances for the former are seen as slim because HAAH was considered the only candidate with an intention to buy.

The collapse of SsangYong revived memories in the restructuring industry of Pantech. The mobile phone manufacturer filed for bankruptcy protection in 2014 but could not find a buyer. Its rehabilitation efforts ultimately failed. (Reporting by Seon-young Kim)