Ssangyong Motor "Labor and Management Will Do Their Best to Expedite the End of Rehabilitation Proceedings"
[Asia Economy Reporter Yoo Je-hoon] Civic groups in the Pyeongtaek area of Gyeonggi Province have decided to launch a pan-citizen movement to expedite the normalization of Ssangyong Motor.
According to industry sources on the 27th, representatives of 30 civic organizations in the Pyeongtaek area held an inauguration ceremony for the "Pan-Citizen Movement Headquarters for the Early Normalization of Ssangyong Motor" at the Pyeongtaek Chamber of Commerce and Industry on the 26th.
Unlike the previously formed "Labor-Management-Civil-Government Special Consultative Body," the Pan-Citizen Movement Headquarters is an organization voluntarily formed by local residents. The movement headquarters stated, "Ssangyong Motor has long been a representative company of Pyeongtaek, contributing to the local economy and the development of industrial talent," adding, "We will serve as a focal point to unite institutions, organizations, and the local community to achieve the best possible outcome."
Regarding this, Ssangyong Motor expressed, "We apologize for the burden caused to the local community and various stakeholders due to the commencement of corporate rehabilitation procedures," and added, "In response to the support from the local community, labor and management will join forces to do their best to achieve business normalization as soon as possible."
Meanwhile, Ssangyong Motor received a court decision to commence corporate rehabilitation procedures on the 15th. The company is exploring ways to expedite the conclusion of the rehabilitation process through mergers and acquisitions (M&A) before the approval of the rehabilitation plan.
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