Mahindra-owned SsangYong Motor is finally sold to South Korean electric bus and truck maker Edison Motors. But why did M&M’s much-hyped partnership fail?
Mahindra-owned SsangYong Motor is finally sold to South Korean electric bus and truck maker Edison Motors. But why did M&M’s much-hyped partnership fail?
SsangYong Motor Owes Hefty Overdue Debt as it Files for Court Receivership
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SsangYong Motor’s plant in Pyeongtaek, about 70 kilometers south of Seoul. (Yonhap)
SEOUL, Dec. 22 (Korea Bizwire) Debt-ridden SsangYong Motor Co. said Tuesday it owes a total of 315.3 billion won (US$285 million) in overdue debt to financial institutions as it filed for court receivership a day earlier.
As of Tuesday, SsangYong Motor has overdue debts of 100 billion won owed to foreign lenders like JP Morgan and 215 billion won to domestic lenders, such as Woori Bank and the state-run Korea Development Bank (KDB), the company said in a statement.