Ssangyong auction opens on confusing note.(News)

Automotive News, December, 2003 by Chang, Peter

Byline: Peter Chang

Despite indications that their preferred deal is in danger of unraveling, creditors of Ssangyong Motor Co. said late last week they expect to sign an agreement today, Dec. 22, to sell their stake in the automaker to China's state-owned National Bluestar Group.

"The required number of creditors, 75 percent, is expected to approve the deal over the weekend,'' said an official of Chohung Bank, Ssangyong's lead lender.

He said creditors then will sign a memorandum of understanding giving Bluestar, a state-owned petrochemicals company with some minor automotive holdings, exclusive access to Ssangyong's financials and other information.

The government's choice

But Bluestar's grip on the deal appears to be...

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