South Korea's SsangYong Files for Bankruptcy SsangYong faced financial problems even before the outbreak of the pandemic. 75% of SsangYong is owned by India's Mahindra & Mahindra industrial giant. The pandemic has prompted company to miss a $54.5-million loan payment. SsangYong Motor, 75% of which is currently owned by Indian conglomerate Mahindra & Mahindra, has applied for court receivership after it missed a loan payment of 60 billion won ($54.5 million). The company indicated that it had delayed the repayment due to "worsening business conditions," and had been unable to reach a deal with creditors to extend the maturity date of the loan payment. The company has also filed for autonomous restructuring support, which is a private loan restructuring program that could allow it to delay rehabilitation procedures for up three months.