South Korea’s Ssangyong Motor Co. Ltd. receives court approval for bankruptcy protection for a 1-year period, while it reorganizes and develops a viable business plan. The Seoul District Court effectively ends management control of Ssangyong by Chinese majority owner Shanghai Automotive Industry Corp. (SAIC) by placing the auto maker under the joint management of its Executive Vice President Park Young-tae and former Hyundai Motor Co. Ltd. President Lee Yoo-il. “Ssangyong Motor believes ...

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