SsangYong restarts
SSANGYONG has restarted production in its Korean factory, after the firm took back control from rioting workers.
The whole range is once again rolling off the lines, as the company continues its rebuilding process.
Production of a new plant to build the vital C200 has been delayed, though. This will now hit the market in early 2010.
The next major landmark is September 15. That’s when the Korean courts will decide whether the firm continues, is liquidated, or sold to another company.
Currently, SsangYong is operating under a form of Chapter 11-style bankruptcy protection.
Further encouraging signs came this week after a Korean bank lent the firm 130 million South Korean Won.
SsangYong’s share price has also been rocketing – for six consecutive days, it has risen by 15 percent, the maximum allowed on the Korean stock exchange.
A spokesman admitted it is impossible to guess which way the courts will rule. But, so far, the ongoing signs are positive…
By Richard Aucock
Tags: SsangYong