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Ssangyong Motor Co Car maker halts production
January 21, 2009, Wednesday
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SSANGYONG Motor Co, the South Korean auto maker seeking bankruptcy protection, and its labor union have agreed to halt production temporarily, a company spokesman said yesterday.
The company will close the factories for four days from tomorrow to February 1, Chung Mu-young said in Seoul yesterday. Lee Chang Kun, a labor union spokesman, also confirmed the deal.
Ssangyong, 51 percent owned by China's SAIC Motor Corp, filed for court receivership on January 9 because of a "serious liquidity crisis." It had posted four straight quarterly losses as the slowdown reduced demand for its sport utility vehicles.
The Seoul Central District Court has frozen Ssangyong's debt obligations, asset sales and wages and other payments while it considers the car maker's application for bankruptcy protection. The court has indicated it will make a ruling by February 9.
The company will close the factories for four days from tomorrow to February 1, Chung Mu-young said in Seoul yesterday. Lee Chang Kun, a labor union spokesman, also confirmed the deal.
Ssangyong, 51 percent owned by China's SAIC Motor Corp, filed for court receivership on January 9 because of a "serious liquidity crisis." It had posted four straight quarterly losses as the slowdown reduced demand for its sport utility vehicles.
The Seoul Central District Court has frozen Ssangyong's debt obligations, asset sales and wages and other payments while it considers the car maker's application for bankruptcy protection. The court has indicated it will make a ruling by February 9.
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