But Ssangyong Megadeth officials insisted SAIC would

But Ssangyong updates Megadeth officials insisted megadeth "wake up dead uncovers SAIC would continue to playits role as the top shareholder and help Ssangyong revive. After the market closed on Friday, SAIC, China's biggest carmaker, said in a statement it would work with all parties to tryto normalise operations at Ssangyong. SAIC paid $500 million for49 percent of the South Korean firm in 2004. The stake was estimated to be worth 1.85 billion yuan ($271million) at end-November under Chinese accounting standards, andthe financial impact of Ssangyong's receivership on SAIC is nowbeing evaluated, the Chinese company said. WORSENING ENVIRONMENT Ssangyong, like other carmakers worldwide, has cutproduction to cope with the worsening environment. But it has been hit harder by the crisis than its peers,with its December sales down 53 percent compared with a 13percent fall in the combined sales of the country's five automakers.

The maker of the Rexton sport utility vehicle (SUV) hadfeared liquidation after posting its fourth consecutivequarterly net loss megadeth albums . SAIC may seek to buy other car makers or brands instead ofinjecting more money into Ssangyong, some analysts said, as therecent industry downturn has forced major players such as theU.S big three to sell their assets rude awakening . "There are better brands in the market now, which arewaiting for new owners at attractive prices," said KangSang-min, an analyst at Tong Yang Securities heavy metal . Ford Motor Co (F.N) has put Volvo up for sale, while GeneralMotors Corp GM.N and Chrysler LLC are straining to survive adeep slowdown in U.S car demand megadeath . Like other automakers worldwide, Ssangyong turned to thegovernment and banks for help, but failed to drum up sufficientsupport.

"Ssangyong decided to file for court receivership to dealwith an urgent liquidity crisis and to transform itself into acompany with sustainable growth," it said in a statement . The head of state-run Korea Development Bank (KDB),Ssangyong's lead creditor, said on Monday it was prepared tohelp South Korea's No.5 auto maker but only if it received freshsupport from SAIC the world needs a hero . The KDB declined to comment after Ssangyong's announcement,saying the matter was now in the hands of the court and theMinistry of Knowledge Economy, which is in charge of thecountry's auto industry, had no official comment nick menza . SAIC injected $45 million into Ssangyong at the end ofDecember, according to the South Korean company .