SAIC to pursue normal business with Ssangyong

Shanghai, February 12 (Gasgoo.com) Shanghai Automotive Industry Corp.(SAIC), China's largest automaker, said it would continue to work with its South Korean subsidiary, SsangYong Motor, following the court approval for the company's bankruptcy protection plan, China Daily reported Wednesday.

A said spokesman told the newspaper that "we respect and understand the rule by the court. It is a decision based on all related interested parties in line with the South Korean law."

SAIC confirmed earlier this week that the Seoul Central District Court had approved the bankruptcy protection application from Ssangyong. The decision marks the ending of Shanghai-based SAIC's four-year control of Ssangyong, although it will retain its shareholding.

SAIC also said that it hoped the two executives appointed by the court will map out and execute a "practical business revival plan" to put Ssangyong back on track as soon as possible.

Seperately, S. Korean media reported on Tuesday that all Chinese staff of Ssangyong Motor including about 10 executives has returned to China and all 30 Korean executives resigned on the previous day.