Ssangyong files for bankruptcy protection
The South Korean car manufacturer SSANGYONG Motor Co filed for bankruptcy protection in South Korea, ending SAIC Motor Corp's four-year management of the first overseas auto maker controlled by a Chinese company. The car manufacturer faces a "serious liquidity crisis" after the South Korean government and lenders failed to agree on a rescue plan, Pyeongtaek-based Ssangyong said in a statement yesterday. Furthermore two of its three most senior executives also left the company. Ssangyong will cut salaries by as much as 30 percent over the next two years in an effort to survive after sales of its sport-utility vehicles plunged amid a global recession. SAIC's parent paid US$500 million for 49 percent of Ssangyong back in 2004.
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