(Photo: Screenshot from Edison EV website)



Edison EV Creditor Withdraws Bankruptcy Filing

Eight creditors withdrew their bankruptcy petition against Edison EV at the Suwon District Court on the 3rd, six days after filing the petition.

An official from Edison EV stated, "The bankruptcy filing was withdrawn following amicable negotiations with creditors," adding, "We will focus on establishing a transparent management environment and building trust by constantly communicating with all creditors."

According to the public disclosure, eight creditors filed for bankruptcy with the court on the 3rd regarding a claim of 3.6 billion won, seeking a decision to declare the debtor, Edison EV, bankrupt.

In response to this, Edison EV stated, "We plan to hold discussions with creditors," and added, "We will respond through legal procedures via our legal counsel."

Edison EV is a listed company acquired by Edison Motors to raise funds for the acquisition of SsangYong Motor.

Edison EV's stock price surged at the time of the acquisition agreement with SsangYong Motor, and during this period, major shareholder investment partnerships such as DMH disposed of most of their shares to realize profits, leading to controversy over the major shareholders' "hit-and-run" tactics.

The Exchange and the Financial Supervisory Service Edison EVAn investigation is underway to determine whether there was unfair trading in the process of investment partnerships, which were major shareholders of [Company Name], disposing of their shares. Financial Supervisory Service Governor Jeong Eun-bo stated at an executive meeting on the 4th, “We will conduct targeted reviews on matters with a high possibility of evading disclosure obligations, such as share acquisitions using multiple investment partnerships.”