A South Korean court just approved a plan to keep SsangYong Motor (SYMC) out of liquidation. In granting its approval the court agreed with a recent report that showed SsangYong is worth more alive than dead. After entering their version of Chapter 11 back in February, the company was faced with liquidation unless they came up with a convincing argument that they could turn things around.
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.
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