Ssangyong seeks capital writedown, debt-equity swap

SEOUL, Sept 15 (Reuters) - Cash-strapped South Korean carmaker Ssangyong Motor Co (003620.KS) said on Tuesday it had asked a Seoul court to allow a capital writedown and debt-for-equity swap by creditors for its rehabilitation.

Ssangyong, which is the country's smallest carmaker and currently under court receivership, said in a filing with the Korea Exchange that it had submitted a plan to the court under which its top shareholder, China's SAIC Motor Corp (600104.SS), would face a 5 for 1 writedown of its shareholding.

SAIC has a 51.33 percent stake in Ssangyong. (Reporting by Cheon Jong-woo and Rhee So-eui; Editing by Jonathan Hopfner)