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The Seoul Central District Court will convene a meeting Dec. 11 with the stakeholders of Ssangyong to vote again on a revised turnaround plan, according to company officials.
Ssangyong, majority-owned by China's Shanghai Automotive Industry Corp., submitted the plan to the court to cut the Chinese parent's holding to 11.2 percent from 51 percent and repay its 1.23 trillion won (US$1.04 billion) in debt over the next 10 years.
The plan also calls for Ssangyong, the smallest carmaker in South Korea, to write off some of its debts.
Ssangyong became the first major corporate victim in South Korea of the global economic crisis, as the slump hit sales of new cars last year.
But some critics have accused Shanghai Automotive of failing to live up to its investment plan and "stealing" technology from Ssangyong, which specializes in sport-utility vehicles.
Ssangyong's woes deepened over the summer, as hundreds of dismissed workers occupied the company's only plant for more than two months to protest massive layoffs. As part of the turnaround plan, Ssangyong slashed about 30 percent of its workforce, or 2,130 jobs.
If the court approves the turnaround plan, Ssangyong's court-appointed managers say they would sell most of Shanghai Motor's stake to other foreign investors.
But many analysts say Ssangyong has a long way to go to revive its business because of its line-up of gas-guzzlers and its tattered image from the strike.
In the first half of this year, Ssangyong's net loss reached 443 billion won. Sales also plunged 66 percent to 455 billion won, with its operating losses totaling 153 billion won.
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