A South Korean newspaper has reported that Ssangyong plans to cut 40% of its workforce as part of a new business plan to ensure its survival.
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Ssangyong will notify its unionised workers that it will axe 2,800-2,900 employees out of a total 7,200, the Maeil Business Newspaper reported without citing sources.
Last week, a court-appointed manager said the company was mulling job cuts.
He also said that an accounting firm handling its receivership is likely to favour its survival over liquidation to recoup debts for creditors.
The Yonhap news agency reported that the auditor, Samjong KPMG Inc., plans to complete a due diligence of Ssangyong’s viability on May 6. If the automaker is deemed unviable, creditors will liquidate it.
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By GlobalData
