It is expected that creditors will sign the MOU before January 15th. Hyundai is expected to then conduct due diligence on Hyundai for about four or five weeks, since it isn’t familiar with the business, before signing a binding contract with creditors.
The situation followed a court ruling on Tuesday which supported the creditors’ cancellation of the MOU with Hyundai, the bidding rival of Hyundai. In November, Hyundai was picked as the preferred bidder to to take over Hyundai – creditors however scrapped the contract after doubts were raised over Hyundai’s ability to fund the purchase of bankrupt Hyundai.
Despite the ruling, there is a possibility that Hyundai will file a series of lawsuits against the creditors of Hyundai to prevent Hyundai signing the new MOU with Hyundai.
Hyundai Motor preferred bidder for Hyundai E&C
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