South Korean court approves Ssangyong’s revival plan
By Andrew C., 30 Aug, 2010. 0 Comments
"margin: 3px; padding: 3px; border: 1px solid #999999;" src="http://4wheelsnews.com/images/2009/december/ssangyong/sports-sedan-concept/ssangyong_sports_sedan_concept.jpg" alt="SsangYong Sports Sedan Concept" />Liquidation is now certain to be avoided as a South Korean court has approved Ssangyong‚ revival plan. Ssangyong has been in court-approved bankruptcy protection since February.
For the past year, the future of the company had been unsure as it made attempts to seek new investment and consolidate its debts. Several months ago, the workers rioted for 77 days over redundancy plans. This led to the delay of its new C200 crossover, which is set to be revealed at the Frankfurt motor show in September. With the court‚ approval of Ssangyong‚ recovery plan, the company will be implementing a three-year program designed to increase competitiveness, return to profitability and triple its revenues year on year. The company is also seeking new investment and finance to aid in funding the C200. Paul Williams, managing director of SsangYong distributor Koelliker UK, said that with this court decision, SsangYong gains a lifeline allowing its officials to start planning properly for 2010. One of those plans include the launching of the new C200 compact car.
[via autocar]
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