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Execs try to save Ssangyong
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January 05, 2009
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A plan to salvage Ssangyong Motor Co. may emerge as early as next week as a top executive at the ailing automaker was scheduled to meet with heads of its largest shareholder in China over the weekend, according to informed sources Saturday.
Hai Tao Zhang, one of the company’s three co-chief executives, left for China earlier in the day to meet with officials at the Shanghai Automotive Industry Corp. to discuss a wide range of issues on the company’s management, according to informed industry officials. The parties were expected to discuss various means of normalizing management, including measures involving possible restructuring and provision of fresh funds from SAIC. Zhang planned to return to Seoul yesterday. The troubled carmaker has been in talks with SAIC for weeks over fresh funds in exchange for potential job cuts. Yonhap
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