S Korea's Ssangyong fails to earn approval on turnaround plan from creditors

South Korea's Ssangyong Motor Co. failed to get an approval on its turnaround plan from creditors, thus delaying the court ruling on the plan to Dec. 11, a local court said Friday.

According to the Seoul Central District Court, its pre-planned ruling on Ssangyong's plan was delayed due to foreign creditors' disagreement on the plan.

"It is very regretful that the plan was rejected," Lee Yoo-il, co-trustee of Ssangyong, told reporters after the meeting.

"We will do our best to get the turnaround plan approved after having thorough consultations," he said.

Ssangyong, a former affiliate of China's Shanghai Automotive Industry Corp. (SAIC), turned in the rehabilitation plan to the Seoul Central District Court on Sept. 15.

The plan was scheduled to be discussed in Friday's meeting between the court and Ssangyong's creditors and to go through a voting session.

Source: Xinhua