SsangYong Motor was put into court receivership Thursday after it failed to find a new investor. The Seoul Bankruptcy Court approved SsangYong's court receivership program on Thursday, the second time the automaker underwent such a process.
Financially troubled SsangYong Motor said Tuesday it has raised an objection to the exchange's decision to delist it from the local stock market.
SsangYong Motor CEO Yea Byung-tae is resigning, taking responsibility for the company’s failure to find a strategic investor.
SsangYong Motor is on the brink of going into court receivership for the second time as the bleeding automobile company failed to find a new owner.
SsangYong Motor said Thursday its prepackaged insolvency plan, a system designed to speed up the bankruptcy process, will proceed as planned after its main creditor ordered the beleaguered automaker to come up with a viable
The cash-strapped automaker said in a filing Tuesday that it will halt operations of its factory Wednesday through Friday.
SsangYong Motor’s main creditor Korea Development Bank (KDB) said Tuesday it currently has no plan to inject additional funds into the beleaguered automaker unless a detailed and viable rehabilitation plan is laid out
Korea Development Bank (KDB) Chairman Lee Dong-gull said the bank will not spend a penny on troubled automaker SsangYong Motor unless it is able to find a new owner and come up with a viable plan to normalize business operations.
Five Korean automakers reported a 12.4 percent year-on-year drop in its car sales last year.
SsangYong Motor partially resumed operations at its Pyeongtaek factory Tuesday after two days of suspension due to a supplier strike.