Ssangyong Goes Back into Receivership
18 April, 2021
Ssangyong has gone back to court receivership a decade after the perpetually troubled SUV maker last emerged from hospital because of India's Mahindra.
The court appointed Ernst & Young Global to look into Ssangyong's books. The accounting firm must give its view by June 10 if the automaker should be given a financial lifeline or be liquidated.
If the court decides to sell Ssangyong, U.S. car retailer HAAH Automotive Holdings continues to be expected to be on board. HAAH have been the favored bidder for Ssangyong until recently, but Korean bus maker Edison Motors and two Chinese carmakers are apparently also interested.
HAAH had promised not to lay off any staff and double sales to 200,000 cars through its U.S. network.
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