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Article: SAIC WITHDREW FROM SSANGYONG MOTOR, LOSING CNY3.076BN
- Article from:
- AsiaInfo Services
- Article date:
- November 10, 2009
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AsiaInfo Services
11-10-2009
SAIC Withdrew from SsangYong Motor, Losing CNY3.076bn
SHANGHAI, Nov 10, 2009 (SinoCast Daily Business Beat via COMTEX) -- Sources said that the creditors union had accepted the bankruptcy and reorganization plan of SsangYong Motor, marking the failure that Shanghai Automotive Industry Corporation (Group) (SAIC) suffered from its purchase of the South Korean carmaker.
SsangYong Motor considers that its biggest shareholder SAIC should bear responsibility for the operation errors, so it will recover from illness via the international public bidding. Presently, the company is in talks with two to three foreign investors about the assets sale involved in USD 560 ...