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Ssangyong goes into receivership; Phoenix doomed?
Just after SAIC provided some cash to keep Ssangyong operating a while longer, the company's board decided to go ahead and file for court receivership in South Korea. Under the rules there, the court has thirty days to decide if the company has what it takes to survive as a going concern. If the application is approved, a receiver will be appointed to run the company while it is restructured. If rejected, the company will likely be shutdown, because SAIC looks unlikely to continue throwing good money after bad. Since Ssangyong has never ... Read more →
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Ssangyong goes into receivership; Phoenix doomed? 11 months ago on Autoblog Green
Just after SAIC provided some cash to keep Ssangyong operating a while longer, the company's board decided to go ahead and file for court receivership in South Korea. Under the rules there, the court has thirty days to decide if the company has what it takes to survive as a going concern. If the ...
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