REPORT: Ssangyong restarts production
 

<p>Filed under: <a href="http://www.autoblog.com/category/china/" rel="tag">China</a>, <a href="http://www.autoblog.com/category/hirings-firings/" rel="tag">Hirings/Firings/Layoffs</a>, <a href="http://www.autoblog.com/category/plants-manufacturing/" rel="tag">Plants/Manufacturing</a>, <a href="http://www.autoblog.com/category/earnings-financials/" rel="tag">Earnings/Financials</a></p><img vspace="4" hspace="4" border="1" src="http://www.blogcdn.com/www.autoblog.com/media/2009/02/ssangyong-production-line-stoppage-580.jpg" alt="" /><br /><br />Korean automaker Ssangyong has reportedly restarted five of its production lines at its plants in Pyeongtaek and Changwon. Earlier this month, Ssangyong was forced to enter receivership as a last ditch effort to stave off bankruptcy after failing to negotiate a deal with <a href="http://www.autoblog.com/2009/01/09/ssangyong-enters-receivership/">Shanghai Automotive Industry Corp</a>., the Korean automaker's Chinese owners, and <a href="http://www.autoblog.com/2008/12/31/ssangyong-faces-liquidation-if-saic-doesnt-prop-up-ailing-autom/">Korea Development Bank</a>, its largest creditor. <br /><br />Prior to those negotiations, Ssangyong was hemorrhaging money due to a 50% drop in sales, which ultimately led to the <a href="http://www.autoblog.com/2008/12/22/ssangyong-says-its-out-of-money-cant-pay-workers/">inability to make payroll</a> and fulfill supplier contracts. At this point, Ssangyong must wait until February 9 to find out if the local court of Seoul will allow the automaker to enter bankruptcy protection proceedings. Sounds like the road will remain bumpy for Korea's fifth-largest automaker for the foreseeable future. <br /><br />[Source: <a href="http://www.gasgoo.com/auto-news/1009244/Ssangyong-Motor-resumes-production.html">Gasgoo</a> | Image: AFP/Getty]<p style="padding:5px;backgr ound:#ddd;border:1px solid #ccc;clear:both;"><a href="http://www.autoblog.com/2009/02/05/report-ssangyong-restarts-production/">REPORT: Ssangyong restarts production</a> originally appeared on <a href="http://www.autoblog.com">Autoblo g</a> on Thu, 05 Feb 2009 17:40:00 EST. Please see our <a href="http://www.weblogsinc.com/feed-terms/">terms for use of feeds</a>.</p><h6 style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding: 0;"></h6><a href=http://www.gasgoo.com/auto-news/1009244/Ssangyong-Motor-resumes-production.html>Read</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2009/02/05/report-ssangyong-restarts-production/" rel="bookmark" title="Permanent link to this entry">Permalink</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/forward/1449996/" title="Send this entry to a friend via email">Email this</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2009/02/05/report-ssangyong-restarts-production/#comments" title="View reader comments on this entry">Comments</a>

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