Ssangyong faces Sept. 15 deadline for survival plan

SEOUL, May 25 (Yonhap) -- Ssangyong Motor Co., South Korea's smallest automaker,
said Monday it has been ordered by a bankruptcy court to submit its turnaround
plan by Sept. 15.

The deadline was made at a meeting with creditors and shareholders last week,
Ssangyong said in a regulatory filing.
Ssangyong, which has been under court receivership since February, became the
nation's first big corporate casualty of the global economic slump, which
dampened demand for new cars.
As part of the survival plan, Ssangyong said last month it will slash 2,646 jobs,
or 36 percent of its total workforce.
The massive job-cut plan prompted Ssangyong workers to go on a full strike on
Thursday, complicating the company's efforts to restructure.
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