Ssangyong Motor files for bankruptcy

[Monseratto]

The maker of hideous Korean SUVs finally bites the dust. Paano na yung mga owners ng mga Rodius, Actyon at Stavic?

SEOUL, South Korea (CNN) -- Ssangyong Motor Co., South Korea's fifth largest automaker, filed for bankruptcy Friday, citing the company's worsening finances.

Ssangyong is seeking court receivership and filed its application for protection from creditors with the Seoul Central District Court, the company said in a statement. During reorganization, Ssangyong plans to cut costs through voluntary retirement and paid leave, according to the statement.

Ssangyong is the South Korean unit of China's Shanghai Automotive Industry Corp., which holds a 51 percent share in the company.

Ssangyong has been battered by the global financial downturn and credit crunch like many other automakers. A large portion of the company's profits used to come from SUVs, which was hurt by high gas prices earlier in the year before the credit crunch additionally cut into sales.

Last year vehicle sales at Ssangyong dropped nearly 30 percent, the Yonhap news agency reported.

http://edition.cnn.com/2009/BUSINESS...tcy/index.html

[Memphis Raines]

Is it really 'global financial downturn' or just plain poor sales?



.

[Ventoy]

O nga pala pano na lang yung mga REXTON at mga KYRON owners mahirap talaga ang buhay ngayon. Sguro naman di agad mawala mga pyesisa nila baka 5 years from now tuloyan na mawala kung di naman yata totally close tung Company na ito!!!! BTW wala yata spare parts sa pangkaraniwang Auto Supply ang maga ito!!!!!!!!!!!

[AG4]

The maker of hideous Korean SUVs finally bites the dust.

Almost bankrupt, but not yet...

[SIZE="5"]Korea's Ssangyong seeks bankruptcy protection[/SIZE]

By Cheon Jong-woo

SEOUL, Jan 9 (Reuters) - South Korean automaker Ssangyong Motor Corp said on Friday it was seeking a court receivership to avoid bankruptcy after a slump in car sales at home and abroad.

Rest of the article: http://www.forbes.com/afxnewslimited...fx5899140.html

[Horsepower]

As I know, Ssyangyong shared many parts and technologies with Mercedes Benz so baka interchangeable yung iba.

[pup2]

Hay, sad. Ire report ko pa naman sana na after 22 thousand kms, our Stavic remains flawless (other than the *^%K footbrake) in terms of ride and reliability.

IMHO, Ssangyong is a political and fashion victim. SUVs and their strange looks are out of fashion and the korean gov't refuses to help a company owned largely by a chinese one. Sana lang huwag pabayaan nung chinese parent yung parts support. SAIC is, after all, very very big.

Pero this early, even toyota is predicting a likely loss -- if ssangyong sinks, I'm sure they won't be alone.

[ice15]

was looking for a Ssangyong bankruptcy thread and found this... although, bankrupt ulit sila in 2020...

Ssangyong finds new owner, to be sold for USD 260M | Autoindustriya

According to a report by Nikkei Asia, Ssangyong named fellow Korean automaker Edison Motors as its preferred bidder. The deal will supposedly be worth USD 260 million, according to the publication's sources. Ssangyong and Edison Motors are expected to finalize and ink a corporate agreement later this year.

[ice15]

Ssangyong Motor will be renamed KG Mobility | Autoindustriya

[mikmik316]

Hopefully the KG group will support this for the long term. Also, maybe in the local market Astara takes over the Berjaya Group in handling distribution & expansion of dealers in the Philippines.