[영문] Judges might Visit the Plant of Ssangyong Motor in Person

South Korean automaker Ssangyong Motor Co.'s vehicles park at its service center in Seoul.

Court might conduct the spot inspection to see whether to rescue Ssangyong Motor or not.

A Seoul Central District Court is going to call the managers of ailing automaker Ssangyong Motors applying for the receivership in a hearing on the steps how to save the company on Jan 15.

The judges from the court consider visiting the production plant in person.

The senior Judge in Seoul Court Koo Young Han said, "High-ranked managers including CEO will be called in the hearing behind the closed doors on Thursday at 2 o'clock."

The court also has a plan to have another session of hearing with main creditors to see if they agree on the rescue plan for the company, and then might make a visit to its headquarter located in Pyeongtaek, Gyeonggi Province.

Possible field inspection by the court will include voices with a variety ranging from the managers, accountants to labor union.

The judges announced that there is a high chance to go out to the plant because they have recently conducted the field inspection for several major corporations and this case might cause significant turbulence onto the Korean economy.

The court granted a receivership application on Monday filed by ailing automaker, which asked for court protection from creditors last week to avoid bankruptcy.

The Seoul Court said it has agreed to the company's receivership filing, effectively freezing the automaker's bonds and debts.

The final decision should be made whether or not to accept the application for rescue within one month after the submission. During the consideration period, the court would see whether it is worthwhile to save the company or liquidate and if there is any intention for current managers and shareholders misuse the rescue plan.

Once the rescue is started, the court will choose the trustees replacing the existing management team and the biggest shareholder Shanghai Automotives cannot exercise the ownership right any longer.

By Kirim Shin
신기림 기자 [e-mail]
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