InfoAnda - SKorean creditors issue ultimatum to Ssangyong strikers

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorean creditors issue ultimatum to Ssangyong strikers AFP - Wednesday, July 29 SEOUL (AFP) - - South Korean will push for bankruptcy measures against Ssangyong Motor unless strikers stop occupying its loss-making plant by the end of the month, the troubled carmaker said Wednesday. ADVERTISEMENT The ultimatum came as about 1,000 union members armed with metal pipes, slingshots and inflammable paint thinner refuse to back down from their protest that has seen them take over the factory since May 21. It followed talks between creditors and contractors of Ssangyong as they tried to resolve the row over job cuts designed to save the Chinese-invested company. "Creditors agreed to file for bankruptcy in early August unless operations return to normal by the end of this month," said a statement from the company, the country's smallest carmaker. Riot police moved in on July 20 to end the occupation and took over some buildings, but strikers have held out in a barricaded paint shop at the plant at Pyeongtaek, 70 kilometres (44 miles) south of Seoul. There have been no hand-to-hand clashes but dozens of people were injured as strikers fired nuts and bolts from the industrial sized slingshots. The debt-stricken firm in February won court protection from creditors after China's Shanghai Automotive Industry gave up management control. But court-appointed managers have since struggled to turn it around through job cuts and cost savings. The programme calls for the sacking of 2,646 workers or 36 percent of the workforce, in what would be the country's first mass layoff since the onset of the global economic crisis in September. Some 1,670 workers have taken voluntary retirement but the remainder staged the sit-in. There have been clashes between strikers and employees trying to go to work. Ssangyong, which specialises in sport-utility vehicles and luxury sedans, said the strike had cost it 245.6 billion won (196.5 million dollars) in lost revenue and Seoul has warned the firm may go bankrupt if the crisis continues. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy RPT-China Pacific hires CICC, banks for HK IPO -sourcesReuters - Thursday, July 30 CORRECTED-China's Sinoma sets bond coupon at 5.4 pct -IFRReuters - Thursday, July 30 Chinese banks aim to slow lending pace: reportAFP - Thursday, July 30 TOPWRAP 1-China IPOs soar; Japan retail sales disappointReuters - Thursday, July 30 Related Articles: Business China to cut fuel price by 3%: govtAFP - Wednesday, July 29 Canon's profits plunge in first-halfAFP - Wednesday, July 29 Putnam cuts fund fees, restructures pricingAP - Wednesday, July 29 IBM to acquire SPSS for $1.2BAP - Wednesday, July 29 China to ban violent online gamesAP - Wednesday, July 29 Enlarge Photo SKorean creditors issue ultimatum to Ssangyong strikers Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Doctor gave Jackson drug that killed him: CNN Ex-boxing champ Forrest shot in back and killed Police raid Vegas home of Jackson doctor Lost love letter reunites couple after 16 years Rare Angolan antelope tracked by research team View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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