A spokeswoman from SAIC Motor Corp, China's largest automaker, said yesterday it will continue to work toward the normal business operation of debt-ridden Ssangyong, after the South Korean SUV maker was put into bankruptcy protection by a Seoul court last Friday.
We respect and understand the rule by the court. It is a decision based on all related interested parties in line with the South Korean law, said the SAIC spokeswoman.
SAIC issued a statement yesterday saying that the Seoul Central District Court approved the bankruptcy protection application from Ssangyong.
The decision ends Shanghai-based SAIC's four-year control of Ssangyong. But SAIC will still retain its interests in Ssangyong's assets.
SAIC said yesterday that it hoped the two managers will map out and implement a practical business revival plan to put Ssangyong back on track as soon as possible.
I don't think Ssangyong's case will pose a big threat to SAIC's financial performance and operation, said Zhu Siming, an automobile analyst at consulting firm Frost
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