Financially-troubled Fly Gangwon applies for court receivership – The Korea Times koreatimesus.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimesus.com Daily Mail and Mail on Sunday newspapers.
AsiaToday reporter Choi Won-youngKG consortium has been selected as the final bidder for SsangYong Motor, beating underwear company Sasangbangwool. As..
The rehabilitation plan includes half of SsangYongs staff taking unpaid leave up to two years in a bid to avoid retrenchment. “This sort of a plan will reduce potential job cuts but will definitely bring down labour costs.
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.
Court Puts Cash-strapped SsangYong Motor under Court Receivership kbs.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kbs.co.kr Daily Mail and Mail on Sunday newspapers.