Kia start court battle

Kia start court battle

SEOUL (AFP): South Korea's ailing Kia Motors Co on Saturday
started a court battle against what it called an illegal decision
to place it under court receivership.

Hundreds of Kia workers meanwhile staged a boisterous protest
against receivership. They threw eggs and scuffled briefly with
hundreds of riot police as they marched from Seoul railway
station to the Myungdong Roman catholic cathedral.

In a written statement to the Seoul district court, Kia said
it had been negotiating with creditors on debt rescheduling
before the government intervened and pushed for receivership.

"Because it is evident that debt rescheduling is more
beneficial to creditors than court receivership in all aspects,
including the debt repayment, the request for court receivership
should be rejected," Kia said.