Ssangyong Motor has emerged from bankruptcy protection following the sale of its stake to Indian utility vehicle maker Mahindra & Mahindra.
The South Korean carmaker was previously owned by Shanghai Automotive Industry Corp and has been under court protection since February 2009 when it was abandoned by its Chinese parent as the global economic crisis hit.
The company said in a filing that trading of its shares on the Seoul bourse will resume today (Thursday 10 March, 2011). As well as being placed under court protection, Ssangyong has suffered numerous problems in the past two years including a violent occupation of its plants by striking workers that lasted more than three months last year.
The action brought the carmaker’s production lines to a halt. The company has since been struggling to fight back but last month introduced its first new vehicle in nearly five years, the Korando C SUV.
Ssangyong sold 81,747 vehicles last year, up 132% from a year earlier with exports up 276% year-on-year to 49,288 units.