China's Shanghai Automotive Industry Corporation (SAIC) says it will work responsibly with all parties as the major shareholder of ailing Ssangyong Motor Company.

SAIC’s Ssangyong stakes were estimated to be worth one-point-eight billion yuan, about 263 million U.S. dollars, as of November 30th last year.

The Chinese auto giant is reviewing the financial impact of the Korean firm’s bankruptcy protection request and will soon announce the results.

SAIC officials say the corporation held a series of failed negotiations with Ssangyong’s management to resolve the liquidity issue before deciding to go ahead with the court receivership.