Ssangyong applies for receivership
Troubled South Korean car maker Ssangyong Motor said it has applied for court receivership.
Ssangyong said in a statement that it made the "unavoidable choice" to address its liquidity crisis.
The car maker said the decision came at a meeting of its board of directors in China on Thursday where its parent company Shanghai Automotive Industry is based.
It said court receivership meant a "corporate resuscitation process".
SAIC took over Ssangyong in 2004 and owns a 51% stake in the company.
Ssangyong is South Korea's fifth-largest car maker.