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Ssangyong creditors extend company's debt repayment schedule

Korean 4x4 manufacturer Ssangyong, whose Korean creditors are awaiting bids for a controlling 55.4% stake tomorrow, has a further year to sort out its debts.

Ssangyong, the affiliate which GM Daewoo did not acquire from the wreckage of Daewoo Motor, has been under a debt reorganization agreement since August 1999. Commentators expect GM Daewoo to be among the bidders for the now-separate company, and the debt repayment extension is likely to make it more attractive to GM and other prospective bidders.

Ssangyong UK was recently established to reintroduce the brand to the UK, and is in the process of establishing a stand-alone dealer network for the brand's single model, the Rexton.

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