Ssangyong Motor picks advisor for its sale

SEOUL, Feb. 8 (Yonhap) -- Ssangyong Motor Co., a South Korean carmaker under
bankruptcy protection, said Monday that it has picked a group led by Samjung KPMG
Advisory Inc. as the arranger for a controlling sake in the country's smallest
carmaker.
The appointment of an advisor is subject to court approval, the automaker said
adding that preliminary bids may be received around June.
Ssangyong Motor won court approval in December last year to proceed with its
turnaround plan, though many analysts remain skeptical over the company's future
because of its line-up of gas-guzzling sport-utility vehicles and mounting debts.
Last year, Ssangyong's auto sales plunged 57.6 percent from a year earlier to
34,936 units, underscoring the struggles posed by the worst industrywide downturn
in decades for smaller carmakers.
Domestic sales at Ssangyong dipped 43.3 percent to 22,189 units and exports
plunged 70.5 percent to 12,747 units last year, the company said earlier.
In January this year, it sold 4,421 units last month, up from 1,644 units sold
for the same period a year ago. Domestic sales jumped 75.4 per cent to 2,015
units and exports more than quadrupled to 2,406 units.
sam@yna.co.kr
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