SsangYong gets OK for re-structure
May 25, 2009 by Matt Brogan
SsangYong has been given the all-clear by a South Korean court to begin its restructuring plans.
The court confirmed a recent Samil Pricewaterhouse Coopers assessment that the manufacturer had a greater value as a going concern than its liquidated value, and ordered SsangYong to submit its full restructuring plan by mid-September.
SsangYong applied for, and was granted court receivership in February after the fall-out of the international credit crunch, a drop in demand and even higher raw material, oil and energy prices.
Court receivership is similar to US Chapter 11 status, giving the company protection fromcreditors and time to formulate and implement a corporate resuscitation plan.
Under the arrangements, the court appointed former Hyundai Motor president Lee Yoo-il, and SYMC vice-president in charge of finance, Park Young-tae as co-legal administrators.
Despite these uncertainties SsangYong already had much of this programme in place, including vital new model development and a reduction in its workforce by over a third.
SsangYong is now confident it can continue to grow with the introduction of such models as the all-new C200 ‘compact urban vehicle’ (pictured above) which is scheduled for production later this year.
We’ll be sure to keep you abreast of any further developments.
Print it: 
The C200 is IMO the best looking Ssangyong i have ever seen.
Agreed salesman, if Ssangyong can get that out onto the market it will sell by the boat load.
Looks much more modern the the tuscons and kia sportages out on the road…
thats a good lookin SUV! i can see a bit of a mash of tiguan, crv and outlander there.
ssangyong really did suprise me though, a few friends have the dual cab ute, and my dads friend has the rexton 4WD and there actual quality products.
that sangyong looks very nice
Gee Salesman, I’d wager that Ssanyong would be very dissapointed with that comment. I mean it really isn’t a compliment is it? If you said it was good looking sure! but only rating as the “best looking Ssangyong” isn’t saying anything! ;)
Frontman i think Salesman is doind it Justice. This is the best looking Ssanyong in years, if ever. Lets hope we get a good diesel out of it if it arrives.
CERATO ON STEROIDS?
Certainly a Cerato on steriods as Realcars says.
BUT, thats certainly not a bad thing, this looks pretty damn good.
Would like to see the rear end though, they have had a history of getting them wrong aswell
I just got back from Korea, and I have to say that the new Chairman models from Ssangyong look very nice indeed. The first time I saw one I almost mistook it for the current Mercedes S Class. Hopefully this is a sign of things to come.
This is great news as the 6spd automatic is made here in Australia by DSI.
Oh, and yes it would’ve been ironic for the company to fail just as it was about to launch a non-ugly car!
That has to be a mistake, sangYoung’s don’t look good!!!
nice! if it comes before ford kuga (if ever) i’ll take this
Chucky Says:
May 25th, 2009 at 5:44 pm
Hmmm, what were you doing in North Korea Chucky?
He didn’t say he went to North Korea