Ssangyong can't survive without revamp: minister

SEOUL (Reuters) - Ssangyong Motor Co, South Korea's No.5 automaker, would not be able to continue unless both its management and workers agree on sweeping reform, the economy minister said on Thursday.

"Ssangyong Motor cannot survive without painful self-restructuring both by management and workers," Knowledge and Economy Minister Lee Youn-ho said in a speech to local business leaders.

The carmaker, 51 percent-owned by China's SAIC (600104.SS), hit by the global slump in car sales, filed for bankruptcy protection on Jan 9, with a court ordering a freeze on its assets and debt before ruling over whether to liquidate the carmaker or ask creditors to help it survive.