SsangYong goes into receivership to avoid bankruptcy

Despite the attractive new C200 crossover concept debuted at last year's Paris Motor Show, the successful Rexton production SUV and the new-for-2008 Chairman W luxury sedan, South Korea's SsangYong has revealed that it is entering court receivership to avoid being forced into bankruptcy. The global slump in car sales hit the carmaker hard in every market, pushing down share values by 77% over the last 12 months. The company had previously cut wages by 30%, reduced output and received a $45 million cash injection from China's SAIC, which owns 51% of SsangYong. SsangYong C200 Concept

View article...