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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea considers help for Ssangyong subcontractors AFP - 2 hours 26 minutes ago SEOUL (AFP) - - South Korea's government Monday discussed steps to help subcontractors of Chinese-owned Ssangyong Motor, which has applied for court receivership to avoid bankruptcy. The Ministry of Knowledge Economy said it had held talks with financial regulators on ways to support the subcontractors. Details were not given. A senior Financial Services Commission (FSC) official told a radio programme the watchdog was considering whether to inject liquidity into the firms. "Pending a court decision it is hard for the government to take concrete action, but we are considering measures to help subcontractors," FSC vice president Rhee Chang-Yong told BBS radio. Chinese parent Shanghai Automotive Industry Corp applied last week for court protection from creditors after it failed to secure new loans from South Korean banks. Ssangyong's outstanding loans are estimated at 300 billion won (225 million dollars). Shanghai Automotive acquired Ssangyong, South Korea's smallest carmaker, in 2004 but it will lose management control if the court grants receivership. Analysts have said the court is expected to order a freeze of the carmaker's assets to protect them from creditors before making a ruling on whether it should be rescued or liquidated. Ssangyong has fallen into financial crisis amid slow auto sales and a dearth of operating funds from its parent firm. The company expects to post a net loss of more than 100 billion won (76 million dollars) for last year. Its sales slumped 29.6 percent last year to 92,665 units, including 53,500 vehicles shipped abroad. Ssangyong halted production for two weeks from December 17 and said it would be unable to pay workers on time. The back wages were paid Friday. Its directors have called for corporate restructuring, including redundancies and wage cuts. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Oil falls below $40 as investors eye US earningsAP - 39 minutes ago BIS-HIGHLIGHTS-Central bankers attend BIS meeting in BaselReuters - 58 minutes ago Glint of greener cars fails to lift pall from Detroit auto showAFP - 2 hours 11 minutes ago China Eastern: fuel hedging loss $900 millionAP - 2 hours 15 minutes ago Related Articles: Business TOPWRAP 2-Rising job losses fuel global recession fearsReuters - 38 minutes ago Most China stocks rise, financials depress indexReuters - 38 minutes ago Russia allows 2nd rouble weakening in 2 daysReuters - 39 minutes ago Oil falls below $40 as investors eye US earningsAP - 39 minutes ago European stock index futures point to early dropReuters - 40 minutes ago Enlarge Photo SKorea considers help for Ssangyong subcontractors Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Britain's Prince Harry apologises for racist language Israeli troops push deeper into Gaza's main city Is Tintin gay? Cartoon birthday boy dogged by rumours Swiss bank set to announce record loss: report Kate Winslet wins Golden Globe supporting actress View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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