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Ssangyong Motor seeks court receivership on deteriorating finances
SEOUL, Jan. 9 (Yonhap) -- Ssangyong Motor Co., the South Korean unit of China's Shanghai Automotive Industry Corp. (SAIC), said Friday it will apply for court receivership due to the company's worsening finances.
Ssangyong has decided to file its application for court receivership to normalize its operations, the company said in a statement.
The decision came after Ssangyong's board, led by SAIC, finished a meeting in China. No plan for layoffs was decided, but the company will cut costs throughout voluntary retirement and paid leave, according to the statement.
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