Four years ago, as South Korean carmaker Ssangyong Motor teetered on the brink of insolvency, a court asked Lee Yoo-il – a former top executive at rival Hyundai – to take charge.
Mr Lee spent 10 days agonising over whether to take on the role of joint administrator at the SUV maker, which had suffered falling sales of its increasingly outdated models.
“I spoke to my friends, and former colleagues from Hyundai Motor, and they said to try it,” recalls Mr Lee, now Ssangyong’s chief executive. “The worst scenario was bankruptcy – but the company was already bankrupt.”
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