What's Wrong With This Picture: Modern Liquidation Edition
The Ssangyong Riot is not a new South Korean compact car. 500 fired workers and 33,000 liters of flammable fluids are creating an explosive mix in a Ssangyong factory in Pyeongtaek, Gyeonggi Province, South Korea. The factory was raided by police commandos today, although the paint shop (a.k.a. structure fire waiting to happen) has not yet been stormed. “Creditors agreed that it is better to liquidate assets of Ssangyong before the company’s asset value falls further,” head of SSsangyong’s creditor suppliers Choi Byeong-whoon tells the WSJ. Union spokesfolk acknowledge that a raid on the paint shop is coming, saying “we will respond to it, bracing ourselves for death.” Death before Rodius production. How fitting.