Ssangyong says it's out of money, can't pay workers
 

<p>Filed under: <a href="http://www.autoblog.com/category/china/" rel="tag">China</a>, <a href="http://www.autoblog.com/category/plants-manufacturing/" rel="tag">Plants/Manufacturing</a>, <a href="http://www.autoblog.com/category/paris-motor-show/" rel="tag">Paris Motor Show</a></p><a href="http://english.chosun.com/w21data/html/news/200812/200812220004.html"><img vspace="4" hspace="4" border="1" alt="" src="http://www.blogcdn.com/www.autoblog.com/media/2008/12/ssyng_donfr.jpg" /></a><br /><br />Ssangyong, which recently attended the <a href="http://www.autoblog.com/tag/ParisMotorShow/">Paris Motor Show</a> and showed off the <a href="http://www.autoblog.com/2008/09/12/paris-preview-ssangyong-in-the-house-with-c200/">C200 4-wheel-drive</a>, is officially out of money. The company is more than $77 billion (US) in debt, and no longer has the funds to pay its employees' salaries. Ssangyong is owned by Shanghai Automotive Industries China, otherwise known as SAIC. In what could provide a cautionary tale to Volvo workers assuming <a href="http://www.autoblog.com/2008/12/08/ford-in-further-talks-with-shanghai-auto-to-sell-volvo/">Ford actually does a deal with SAIC</a> for the Swedish brand, when Ssangyong asked SAIC for the money to pay employees, SAIC refused because Ssangyong's internal employee's union had earlier called for Chinese executives to resign. In the meantime, Ssangyong has merged operations and shut down all of its plants and the employees have planned a protest to make their feelings known.<br /><br />[Source: <a href="http://english.chosun.com/w21data/html/news/200812/200812220004.html">Chosun </a>]<p style="padding:5px;backgr ound:#ddd;border:1px solid #ccc;clear:both;"><a href="http://www.autoblog.com/2008/12/22/ssangyong-says-its-out-of-money-cant-pay-workers/">Ssangyong says it's out of money, can't pay workers</a> originally appeared on <a href="http://www.autoblog.com">Autoblo g</a> on Mon, 22 Dec 2008 09:58:00 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://english.chosun.com/w21data/html/news/200812/200812220004.html>Read</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2008/12/22/ssangyong-says-its-out-of-money-cant-pay-workers/" rel="bookmark" title="Permanent link to this entry">Permalink</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/forward/1408226/" title="Send this entry to a friend via email">Email this</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2008/12/22/ssangyong-says-its-out-of-money-cant-pay-workers/#comments" title="View reader comments on this entry">Comments</a>

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