Ssangyong Rescue Plan Approval Postponed

News: The Seoul Centre District Court has postponed granting its approval to bankrupt South Korean carmaker Ssangyong Motor's restructuring plan, after foreign creditors rejected it. The court is likely to conduct its next hearing on December 11 2009. The struggling carmaker had debts amounting to KRW1.23trn (US$1bn) in September 2009. Ssangyong had submitted an application for a rescue package to the court, which could undermine Chinese automaker SAIC Motor's stake in the company.

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