Unionized workers at SsangYong Motor accepted the beleaguered automaker’s turnaround plan that includes putting a significant portion of the workers on unpaid leave for a maximum of two years.
Cevo Mobility, a Korean company making micro electric vehicles (EVs), joined forces with SsangYong Motor, to utilize SsangYong’s dealer network.
SsangYong Motor will cut up to 10 executive positions as part of its restructuring efforts after being put under court receivership, an industry source said Sunday.
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