SAIC says to try normalizing Ssangyong business

SAIC Motor Corp, China's biggest car maker, said on Friday that it would work with all parties to try to "normalize" the operations of its South Korean unit Ssangyong Motor Co, after the Korean firm filed for bankruptcy protection.

"During the receivership, SAIC will work with all parties so that Ssangyong can achieve a plan to normalise its operations," said SAIC, which owns 51 percent of Ssangyong.

The stake is estimated to be worth 1.85 billion yuan ($271 million) under Chinese accounting standards, and the financial impact of Ssangyong's receivership on SAIC is now being evaluated, the Chinese company said.