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SsangYong Motor to sell plant site in rehabilitation efforts
TIWN
TIWN
PHOTO : TIWN
Seoul, July 11 (TIWN) SsangYong Motor, a debt-ridden automaker, has decided to sell the site of its plant in Pyeongtaek as part of self-rescue efforts, the local government said on Saturday.
The company has been under court receivership since April, as its Indian parent, Mahindra & Mahindra, failed to secure a buyer for its 75 percent stake in the automaker.
The city government of Pyeongtaek, 70 kms south of Seoul, said it has signed a memorandum of understanding with the court-appointed manager of SsangYong and its labor union, regarding the sale of the site, which measures 850,000 square meters and is valued at 900 billion won ($786 million).
The plant was constructed in 1979.
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