Ssangyong submits revival plans to court.


▪Ssangyong Motor on Sep. 15, 2009 filed revival plans to the Seoul Central District Court.

SYMC proposed capital reduction and a debt-for-equity swap. The second meeting of concerned parties will occur on Nov. 6 and the court will set the schedule for the third meeting, when the decision to accept or reject the revival plans will be put to a vote, at a later date.

The company said that the company's value as a continued entity remains larger than the liquidation value despite the last strike.

Concerning its plans to reduce Shanghai Automotive Industry Corp.'s stakes in the company, it will cancel 80 percent of SAIC's shares. SAIC currently holds 51.33 percent or about 62 million shares.

For other shareholders, the company suggested converting three shares into one with a face value to 5,000 won.
Once the plans have been carried out, SAIC will hold 11.2 percent and ordinary shareholders will hold 17.7 percent of the company's shares.

The remaining 71.1 percent will be held by creditors whereby debts owed will be been converted into shares.