Ssangyong Motors may shed some senior executive jobs as part of cost cutting
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Synopsis
The Seoul Bankruptcy Court on April 15 approved the debt-rescheduling process for SsangYong Motor as the US-based HAAH Automotive did not submit an LoI by the March 31 deadline. Court receivership is one step short of bankruptcy in South Korea s legal system. In receivership, the court will decide whether and how to revive the company.
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A Ssangyong Motors launch event (2019 pic). M&M had bought the failed carmaker a decade ago.
Cash-strapped Ssangyong Motors plans to cut a few senior executive jobs even as it continues with its ongoing cost cutting drive, said people familiar with the matter.