A Seoul court on Monday approved a local consortium's acquisition of SsangYong Motor, paving the way for the financially troubled carmaker to get back on track.
SsangYong Motor, currently under court receivership, said Tuesday it will cut nearly 40 percent of its executives as part of its restructuring measures.
Financially troubled SsangYong Motor said Tuesday it has raised an objection to the exchange's decision to delist it from the local stock market.
Financially troubled SsangYong Motor said Monday it will cut its employee wages in half in January and February as it struggles with mounting costs amid lackluster sales.
SsangYong Motor, which recently filed for court receivership due to a severe liquidity crunch, will suspend the operation of its Pyeongtaek factory after its suppliers refused to deliver parts.
Eastar Jet’s pilot union on Tuesday requested the cash-strapped airline file for court receivership and withdraw its plan to lay off more than 600 employees.