SEOUL, Aug. 26 (Korea Bizwire) — A Seoul court on Friday approved SsangYong Motor Co.’s rehabilitation plan with “overwhelming” support from creditors and other related parties, paving the way for the carmaker to get its business back on track. The approval, which came one month after SsangYong submitted its restructuring plan to the Seoul Bankruptcy [...]
SEOUL, Aug. 16 (Korea Bizwire) – SsangYong Motor Co., the South Korean unit of Mahindra & Mahindra Ltd., said Tuesday its net losses narrowed in the first half from a year earlier, helped by increased exports. Net losses for the six months ending in June narrowed to 30.3 billion won (US$23 million) from 180.5 billion [...]
SEOUL, July 12 (Korea Bizwire) — SsangYong Motor Co. said Monday that it will return to running two shifts per week on its assembly lines after 12 months of struggle. The company has been running a single shift per week at its assembly line in Pyeongtaek, Gyeonggi Province since July last year to save costs. [...]
INCHEON, July 5 (Korea Bizwire) — SsangYong Motor Co. launched the all-new Torres SUV in South Korea on Tuesday, a week after a Seoul court approved a local consortium as the final bidder for the debt-laden carmaker. The SUV-focused carmaker aims to get its business back on track within the next two years based on [...]
SEOUL, June 28 (Korea Bizwire) — A Seoul court on Tuesday approved SsangYong Motor Co.’s decision to select a local consortium led by chemical-to-steel firm KG Group as the final bidder for the debt-laden carmaker. In the latest auction, the KG consortium beat underwear company Ssangbangwool in the overall criteria of acquisition prices, fundraising plans [...]
SEOUL, June 24 (Korea Bizwire) — South Korean underwear company Ssangbangwool said Friday it has submitted a bid for SsangYong Motor Co. in the auction to find a new investor for the debt-laden carmaker. SsangYong’s lead manager, the EY Hanyoung accounting firm, received bids from interested companies for SsangYong until 3 p.m. Friday. Ssangbangwool was [...]
SEOUL, June 9 (Korea Bizwire) — South Korean underwear company Ssangbangwool said Thursday it has submitted a letter of intent (LOI) to acquire SsangYong Motor Co. with an auction scheduled later this month to find a new investor. SsangYong’s lead manager EY Hanyoung accounting firm received LOIs from interested companies for SsangYong until 3 p.m. [...]
SEOUL, May 13 (Korea Bizwire) — A Seoul court on Friday selected a local consortium led by chemical-to-steel firm KG Group as the preliminary bidder for SsangYong Motor ahead of the auction beginning later this month to find a new investor for the carmaker. The new auction comes two months after local electric bus maker [...]
SEOUL, April 18 (Korea Bizwire) — Three firms have submitted their bids to acquire the debt-ridden automaker SsangYong Motor Co., sources here said Monday, after a previous sales deal with a local electric vehicle maker fell apart. Local underwear company Ssangbangwool Group, chemical-to-steel conglomerate KG Group and homegrown private equity (PE) firm Pavilion PE submitted [...]
SEOUL, April 9 (Korea Bizwire) — Ssangbangwool Group, a South Korean underwear company, said Friday it has submitted a letter of intent (LOI) to buy the debt-ridden automaker SsangYong Motor. Ssangbangwool’s bid came as a deal to buy SsangYong Motor by local electric bus and truck maker Edison Motors Co. collapsed late last month after [...]