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SsangYong Motor Company (SYMC), the South Korean subsidiary of Mahindra and Mahindra (M&M), on Monday informed the Korean Stock Exchange regarding the commencement of the rehabilitation procedure with the Seoul Bankruptcy Court, M&M said in a notification to the stock exchanges. The development comes a week after the struggling automaker missed the repayment of Rs 480 crore (60 billion Korean Won) to JP Morgan Chase Bank, South Korea, which was due and payable on December 14. SYMC has also applied for an Autonomous Restructuring Support (ARS) programme which is a court-designed process, the...

Mahindra & Mahindra (M&M)-owned SsangYong Motor Company (SYMC) has filed for bankruptcy. While there are enough instances of failed overseas acquisitions, the company — bought from a court receivership by an Indian company — heading back to bankruptcy after a decade is unheard of. On Monday, SYMC intimated the Korean Stock Exchange regarding the commencement of rehabilitation procedure with the Seoul Bankruptcy Court, M&M said in a notification to the stock exchanges. The development comes a week after the struggling automaker missed the December 14 deadline for repayment of Rs 480 cror...

Mahindra's SsangYong files for bankruptcy In a regulatory filing, Mahindra said that SYMC has also applied for an Autonomous Restructuring Support (ARS) programme which is a court-designed process. Mahindra & Mahindra's South Korean subsidiary SsangYong Motor Company (SYMC) has filed for rehabilitation procedure with the Seoul Bankruptcy Court. In a regulatory filing, Mahindra said that SYMC has also applied for an Autonomous Restructuring Support (ARS) programme which is a court-designed process. "SYMC has today intimated to the Korean Stock Exchange, about filing an application for commence...