SsangYong Motor Company files for bankruptcy The troubled automaker has also applied for an autonomous restructuring support (ARS) programme which is a court-designed process PTI | Mumbai | Published 22.12.20, 01:03 AM
Mahindra & Mahindra (M&M) on Monday said its loss-making South Korean arm SsangYong Motor Company (SYMC) has filed for bankruptcy.
SYMC has filed an application for the commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea, M&M said in a regulatory filing.
The troubled auto maker has also applied for an autonomous restructuring support (ARS) programme which is a court-designed process.
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CRISIL reaffirms bank facilities and debt instruments ratings of Mahindra & Mahindra Ltd
Posted On: 2020-12-19 10:24:10 (Time Zone: Arizona, USA)
CRISIL has reaffirmed its CRISIL AAA/Stable/CRISIL A1+ ratings on the bank facilities and debt instruments of Mahindra and Mahindra Ltd (M&M).
CRISIL notes that SsangYong Motor Company (SYMC), a subsidiary of M&M, missed payments totalling 60 billion Korean Won (KRW), equivalent to about Rs. 408 crore, on December 14, 2020. These repayments were due on loans totalling 100 billion KRW (about Rs. 680 crore). These select unsecured loans are covered by a guarantee from M&M to the extent not recovered from SYMC. CRISIL s ratings on the facilities of M&M s rating remain unaffected by delay in servicing of the aforementioned loans by SYMC, given that it is expected to be adherent with the terms of guarantees extended on these loans. M&M is expected to discharge its liability towards these guarantees as per the terms agreed with the ba
Synopsis
SsangYong failed to repay the amount to bankers including JPMorgan Chase, BNP Paribas and Bank of America. Mahindra has put SsangYong on the block but has been unable to close a deal with any potential investor.
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SSangyong Korando at the Seoul Motor Show 201
MUMBAI: SsangYong Motor Company (SYMC), the South Korean subsidiary of Mahindra & Mahindra (M&M), is in talks with banks to restructure and extend moratorium of its outstanding loans after the Korean major defaulted on the repayment of loans amounting to Rs 408 crore (Korean won 60 billion).
SsangYong failed to repay the amount to bankers including JPMorgan Chase, BNP Paribas and Bank of America. Mahindra has put SsangYong on the block but has been unable to close a deal with any potential investor. Sources in the know told ET that the defaulted loan could have a negative impact on any new investor walking in at this moment.