Saturday, Jan 10, 2009
Ssanyyong Crash
CNN: South Korea automaker files for bankruptcy
Ssangyong Motor Co., South Korea's fifth largest automaker, filed for bankruptcy Friday, citing the company's worsening finances. About 800 unionized workers rally at a Ssangyong Motor plant in Pyeongtaek, South Korea, on December 30. Ssangyong is seeking court receivership and filed its application for protection from creditors with the Seoul Central District Court, the company said in a statement. During reorganization, Ssangyong plans to cut costs through voluntary retirement and paid leave, according to the statement.
Ssangyong is the South Korean unit of China's Shanghai Automotive Industry Corp., which holds a 51 percent share in the company. Ssangyong has been battered by the global financial downturn and credit crunch like many other automakers.
3 Comments
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1. montesquieu said...
Another nail in the coffin of the 4x4 tosserwagon.
2. enuii said...
Could you still buy this particular crate in the UK, 5 or so years ago they had a reputation for their engines blowing and I haven't seen a new one on the road for quite some time. As 4x4's go they were probably the naffest one you could buy.
3. Philip9134 said...
enuii naff or not we are still looking at perhaps thousands of jobs.