Seoul court grants receivership for Ssangyong Motor

SEOUL, Jan. 12 (Yonhap) -- A Seoul court granted a receivership application on
Monday filed by ailing automaker Ssangyong Motor Co., which asked for court
protection from creditors last week to avoid bankruptcy.
The Seoul Central District Court said it has agreed to the company's receivership
filing, effectively freezing the automaker's bonds and debts.
For months South Korea's smallest automaker had been pleading with its parent,
China's Shanghai Automotive Industry Corp., for a cash injection to help it cope
with dwindling sales.
odissy@yna.co.kr
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