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SsangYong Motor Gets Go Ahead To Restructure
SsangYong Motor (SYMC) cleared a hurdle in its restructuring plans when a South Korean court gave its approval to put the plans into action earlier this month. The court confirmed a recent Samil PricewaterhouseCoopers 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. Much of this is already in place, including a vital new model programme and a reduction in the workforce by over a third. 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 a legal step, giving the company protection from creditors 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, SYMC has forged ahead with the development of the new C200 ‘compact urban vehicle,’ showing it at last month's Seoul Motor Show (South Korea) and most recently at the Barcelona Motor Show (Spain) earlier this month. Styled in Europe, the C200 is a new monocoque design engineered for both front and four wheel drive, with advanced petrol, diesel and diesel hybrid engine options. It is scheduled for production later this year. Locally, the SsangYong line-up of Kyron, Rexton and utes are available. No announcement has been made regarding a local release of the new SsangYong C200. However, it the brand is to survive, a local release in early 2010 is likely. | ||||||
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