Ssangyong On The Brink Of Bankruptcy

South Korean carmaker Ssangyong has filed for bankruptcy protection, following a poor year for sales in 2008. Despite a handout of US$45mn from Chinese parent Shanghai Automotive Industry Corp (SAIC) in December, the manufacturer is still in financial difficulties and a South Korean court has frozen its debts and assets until a decision is made on its application for bankruptcy protection in around a month's time. To add to its problems, Sssangyong's unionised workers have voted in favour of strike action, although union representative Lee Chang-kun told local press that the workers 'will be very careful on launching an action

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