Edison Motors is acquiring SsangYong Motor, the South Korea-based automobile manufacturer that has gone bankrupt, and it was reported that the deal may be completed this week, Economic Times reported. Sources stated that the merger is likely to be sealed in a few days, with Jan. 7 being the latest. "We need to adjust the contents of the contract, but if the discussion goes well, it can be done within this month," an official from Edison Motors said in a statement.
Personal and corporate bankruptcies in South Korea increased by more than 10 percent last year, data showed Monday, reflecting the economic impact of COVID-19 on both businesses and households, the Korea Herald reported. According to the report released by the National Court Administration, the number of personal bankruptcies filed in 2020 rose by 10.4 percent from the previous year, from 45,654 cases to 50,379 cases. Last year’s tally was the biggest figure since 2015.
The daughter of former Seoul Mayor Park Won-soon said her father left behind mountains of debt because he gave away the family fortune to various organizations, including women's groups, before he died last year, UPI reported. Jung Chul-seung, the family's legal counsel, said that the statement from the woman, who remains unidentified, was part of a recent conversation, Dong-A Ilbo and Asia Business reported.