After years of uncertainty and financial unrest, debt-laden carmaker SsangYong has finally been rescued from bankruptcy.
Late last week, a Seoul bankruptcy court approved a rehabilitation plan for the South Korean carmaker to get things back in the green with support coming from 95 per cent of the company’s creditors.
It’s saviour is a local consortium led by chemical and steel firm KG Group who are set to acquire a 61 per cent stake in SsangYong Motors worth 950 billion won ($NZ1,085,855,400) according to The Korea Herald.
You may remember that things were looking up for SsangYong at the start of this year with electric bus and truck company Edison Motors looking to step in and save the brand from its struggles. However, that deal ultimately fell through.
SsangYong is set to release a new model next year, the Torres SUV, making it the first new model the company has made in four years.
Another new SUV model internally known as the KR10 was also leaked back in July which we could also expect to see release next year.
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