SEOUL, May 6 (Xinhua) -- A South Korean court said Wednesday that Ssangyong Motor Co.'s survival is valuable, citing audit results by a local accounting firm.
The audit results by the accounting firm Samjong KPMG Inc. were favorable to the survival of Ssangyong Motor Co. over its liquidation, which raised hopes on the company's viability, according to the Seoul Central District Court.
The value of Ssangyong, which has been under bankruptcy protection since February, came in at 1.32 trillion won (1.03 billion U.S. dollars), larger than the 938.6 billion won (735 million U.S. dollars) to be gained if liquidated, according to the court.
Creditors of Ssangyong will hold a meeting later in the month to decide on whether to save or liquidate the automaker.
Ssangyong, as part of its turnaround bid, announced to cut 36 percent of its workforce, or 2,646 jobs.
Ssangyong, a former affiliate of Shanghai Automotive Industry Corp. (SAIC) was abandoned by its parent company in January as SAIC decided to stop making any major effort to save its affiliate.
SAIC, which still owns a 51-percent stake in Ssangyong, relinquished its control in the company as it went under the bankruptcy protection.
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