KG Group to offer additional $23 mn to complete SsangYong buyout

[Photo by MK DB]

KG Group will offer additional 30 billion won ($23 million) on top of 355.5 billion won pledged for acquisition of SsangYong Motor to cover for the overdue payment to creditors, raising the chance for the SUV-focused carmaker to gain creditors approval for the M&A deal. SsangYong Motor needs to repay 818.6 billion won debts. With additional 30 billion won from KG Group, the automaker’s repayment ratio would rise to 41.2%.

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