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Korean automaker maker Ssangyong Motor Co, which has been in receivership since January, 2009, has several suitors interested in purchasing its struggling operations, including utility vehicle builder Mahindra & Mahindra. Reuters reports that the Indian automaker plans to do its due diligence and study a purchase of the company before committing any resources.

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After slipping into receivership this past January, Ssangyong Motor Company's problems have only escalated. A court-ordered restructuring of the Korean automaker earlier this year left 976 employees without work. The displaced workers organized an armed sit-in on the Korean automaker on May 21 that has now turned violent.

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Could it be too late for Ssangyong? Shanghai Automotive Industry Corp. (SAIC) appears to have given up on Ssangyong Motor Co., allowing the company to slip into receivership. SAIC holds a 51% stake in Ssangyong, but gave up management rights in a bid to avoid liquidation and allow Ssangyong some time to get back in the black. The Korean automaker's Chief Executive Zhang Hai Tao and President Choi Hyung-tak both stepped down after the filing.

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