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SsangYong Motor Labor Union Calls for Gov’t to Help Normalize Company’s Management

SsangYong Motor Labor Union Calls for Gov’t to Help Normalize Company’s Management

SEOUL, May 21 (Korea Bizwire) — The labor union of financially troubled SsangYong Motor Co. has called on the government to support the normalization of the company’s management, claiming that it is unfair to pass the responsibility of the company’s financial difficulties to the labor union. On Thursday, the labor union held a press conference [...]

SsangYong Motor Again Under Court Receivership, Creditors Aim to Find New Investor

SsangYong Motor Again Under Court Receivership, Creditors Aim to Find New Investor

SEOUL, April 15 (Korea Bizwire) – SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as U.S. [...]

Regulator Calls for Creditors’ Support to Keep SsangYong Motor Afloat

Regulator Calls for Creditors’ Support to Keep SsangYong Motor Afloat

SEOUL, Feb. 17 (Korea Bizwire) — South Korea’s top financial regulator said Wednesday it would be better to keep SsangYong Motor Co. afloat as its bankruptcy would result in massive job losses. Financial Services Commission (FSC) Chairman Eun Sung-soo made the remark during a meeting of the National Assembly National Policy Committee, answering a lawmaker’s [...]

Foreign-invested Auto Manufacturers Face Management Crises

Foreign-invested Auto Manufacturers Face Management Crises

SEOUL, Feb. 5 (Korea Bizwire) — Management crises are sweeping over South Korean units of foreign automakers. Financially-troubled SsangYong Motor Co. stalled operation of its plant in Pyeongtaek, 70 kilometers south of Seoul, last Wednesday after several subcontractors refused to supply essential parts and demanded payment. The South Korean unit of Indian carmaker Mahindra & [...]