Hyundai accept gov¡¯t¡¯s self-rescue policy

Hyundai has decided to accept, in principle, the three items- early separation of automobile from affiliates, effective self-rescue plan, including the selling of shares, and expulsion of problematic management members, including the implementation of the promise of expulsion of the three father and sons- that the government and creditor banks have been demanding so far. As a result of this, our economy¡¯s big issue of frustration between the government and Hyundai has entered a solution stage, and it looks like Hyundai¡¯s fund situation will improve.

On August 3, a senior official of Hyundai said, "We are exerting the greatest efforts at preparing a self-rescue plan proposal of the level that the government and the market can sufficiently understand and accept, and it is planned that a management improvement plan that will have contents that can maximally meet the 3 items demanded by the government and creditor banks.

Related to this, Hyundai plans to officially announce a management improvement plan through a press conference on, if early, August 6, the day after Chung, Mong-Hun, chairman of Hyundai Asan Committee, arrives in Korea, after discussing with the government and creditor banks.

A person related to Hyundai said, "There is no change in position that the creditor banks' demands are too much," while saying,"The position of the highest management has been organized in the direction that in order to make the company live, the demands of the government and creditor banks should be whole-heartedly met with.

Hyundai stated, "We will state again that in the case of Chung, Ju-Yung, former honorary chairman, and chairman Chung, Mong-Hun, as they have already declared their withdrawals from management, this will be materialized," and,"But, regarding the withdrawal of Chung, Mong-Koo, chairman of Hyundai automobiles, the Organizational Restructuring Headquarters cannot say anything".