A Seoul court on Monday approved a local consortium s acquisition of Mahindra & Mahindra-owned SsangYong Motor by Edison Motors for $254 million, paving the way for the financially-troubled carmaker to get back on track.
A Seoul court on Monday approved a local consortium s acquisition of Mahindra & Mahindra-owned SsangYong Motor by Edison Motors for $254 million, paving the way for the financially-troubled carmaker to get back on track.The consortium led .
A Seoul court on Monday approved a local consortium's acquisition of Mahindra & Mahindra-owned SsangYong Motor by Edison Motors for $254 million, paving the way for the financially-troubled carmaker to get back on track. Get more Automobile News and Business News on Zee Business.
Updated Dec 22, 2020 | 09:37 IST
SsangYong Motor has filed an application for the initiating rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea. Mahindra & Mahindra-owned SsangYong Motor files for bankruptcy after defaulting on loans worth Rs 602 crore. | Photo Credit: BCCL
New Delhi: SsangYong Motor Company (SYMC), the loss-making South Korean subsidiary of Mahindra and Mahindra (M&M), has filed for bankruptcy after failing to repay loans worth 90 billion won (about Rs 602 crore) due to Korea Development Bank (KDB).
Last week, the cash-strapped carmaker defaulted on debt worth 60 billion won (about Rs 408 crore) to a consortium of banks including JP Morgan Chase, BNP Paribas and Bank of America.