Kosdaq-listed Edison EV declares bankruptcy

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Kosdaq-listed Edison EV declares bankruptcy

Edison EV has filed for bankruptcy, the company said in a regulatory filing Wednesday.
It came after a month after the shares were suspended from trading on the Kosdaq market.
Edison has seven creditors and total liabilities of 3.6 billion won ($2.8 million), according to the filing.
“We will have a discussion with creditors and will respond through an attorney,” it said.
Edison was given until April 10 to improve its business.
In late March, the Edison Motors takeover of SsangYong Motor collapsed. A consortium led by the electric bus company was not able to come up with the necessary funding.
Edison Motors had signed a contract to buy SsangYong Motor for 304.8 billion won early this year and paid 30.5 billion won as a down payment. It was supposed to pay the remaining 274.3 billion won by March 25. 
Edison Motors and Edison EV are related companies by way of a common shareholder. 

BY SARAH CHEA [chea.sarah@joongang.co.kr]
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