Ssangyong Can't Pay Workers' Wages
23 January, 2021
Troubled SUV maker Ssangyong told its labor union on Thursday it cannot pay the wages of 4,800 personnel this month.
Ssangyong's liquidity shortage is so bad that some parts suppliers happen to be demanding to end up being paid in cash rather than promissory notes. The automaker made a decision to meet the union on Fri over just how much of the wages to withhold.
"From a month's to many a few months' of wages could possibly be delayed," a good staffer said.
Ssangyong owner Mahindra is normally in the final stages of talks with U.S. vehicle distributor HAAH Holdings over a sales. Since applying for court receivership in December, Ssangyong has got been restructuring its functions.
The debt-ridden automaker must wrap up sales talks by Feb. 28 or face courtroom receivership.
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