Cash-deprived SsangYong Motor employees unlikely to get full salary in Jan-Feb

Pulse 2021. 1. 22. 10:24
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[Photo by Lee Seung-hwan]
Liquidity-short SsangYong Motor Co. will be unable to pay full salary to its employees in January and February, the company announced in a letter to its labor union on Thursday.

The management and union are planning to meet on Friday to discuss the matter.

SsangYong Motor filed for court receivership on Dec. 21 due to liquidity crisis. The court gave a three-month stay on the reorganization plan until Feb. 28.

Some of its parts suppliers recently refused to supply key parts for assembly of its vehicles, questioning its ability to pay, and SsangYong Motor suspended production for two days in December.

The carmaker managed to reopen its plant with renewed supplies after promising payment in cash to the suppliers.

“Car sales are generally low in January, a traditional slow season. And the company has to pay in cash to suppliers. It may be hard for SsangYong to pay full salary to the employees,” said an industry source.

SsangYong Motor now is in negotiations to find a new investor by forming a council with three related parties – creditor Korean Development Bank (KDB), Mahindra & Mahindra and potential buyer, U.S.-based import car distributor HAAH Automotive Holdings. It hopes to conclude the stake sale within the month but negotiations are stalled due to differences over terms.

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