SEOUL, Jan 12 (Reuters) - The deputy head of South Korea's financial regulator on Monday urged China's SAIC Motor Corp to make efforts to revive its South Korean automaking unit Ssangyong Motor Co.
On Friday, Ssangyong, in which SAIC has a 51 percent stake, filed for court protection to avoid bankruptcy as Ssangyong struggles with a slump in car sales and liquidity problems. Rhee Chang-yong, deputy chairman of the Financial Services Commission, said it would be difficult for the regulator to support SAIC's South Korean unit before the court makes a decision on whether to accept the filing.
"The top shareholder, lead creditor and the court should make efforts for (Ssangyong's) survival," Rhee said in an interview with local radio.
But South Korea will focus on lessening the impact of Ssangyong's troubles on its suppliers, Rhee said.
SAIC said on Friday it would work with all parties to try to normalise operations at Ssangyong.
