Ssangyong filed its application for protection from creditors with the Seoul Central District Court to normalize its operations, the company said in a statement. The application comes after Ssangyong’s SAIC-led board concluded a meeting in China. No plan for layoffs or financial support from SAIC was announced, but Ssangyong will cut costs throughout voluntary retirement and paid leave, according to the statement.

Ssangyong, which is 51 percent owned by China’s Shanghai Automotive Industry Corp., is rapidly bleeding cash and may face liquidation unless it receives a hefty supply of capital from its Chinese parent. SAIC has reportedly demanded Ssangyong slash nearly half of its factory workers in return for financial assistance. Ssangyong’s 5,200-strong labor union has said it has zero-tolerance for the reported restructuring plan and threatened to strike if SAIC demands job cuts.