REPORT: Ssangyong restarts production
Korean automaker Ssangyong has reportedly restarted five of its production lines at its plants in Pyeongtaek and Changwon. Earlier this month, Ssangyong was forced to enter receivership as a last ditch effort to stave off bankruptcy after failing to negotiate a deal with Shanghai Automotive Industry Corp., the Korean automaker's Chinese owners, and Korea Development Bank, its largest creditor.
Prior to those negotiations, Ssangyong was hemorrhaging money due to a 50% drop in sales, which ultimately led to the inability to make payroll and fulfill supplier contracts. At this point, Ssangyong must wait until February 9 to find out if the local court of Seoul will allow the automaker to enter bankruptcy protection proceedings. Sounds like the road will remain bumpy for Korea's fifth-largest automaker for the foreseeable future.
[Source: Gasgoo | Image: AFP/Getty]
Reader Comments (Page 1 of 1)
Torrent 6:18PM (2/05/2009)
And so begins the blatant Ctrl+C's again.
Reply
2o6 6:33PM (2/05/2009)
Lame. Since when does Ssanyong copy?
Farris 6:42PM (2/05/2009)
Everyone Ctrl-C's, there's no getting around that.
It's when they directly Ctrl-V that sucks.
Mobius_1 7:35PM (2/05/2009)
At least copy and paste keeps the quality more or less intact. With Ssangyong you just end up with the ugly bits...
airswingman 6:35PM (2/05/2009)
since the brand exist
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Mobius_1 7:35PM (2/05/2009)
Argh! My eyes!
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fixitfixitstop 1:38AM (2/06/2009)
I've only seen a few Ssangyongs on the road, and they were scary.
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