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Ssangyong files for receivership after missing loan payment

22 December 2020
South Korean manufacturer Ssangyong has filed for bankruptcy in its home country after defaulting on a loan repayment of 60 billion won (£40 million) – but the firm’s UK operations are unaffected by the move.
The SUV specialist has applied for court receivership, which include rehabilitation and restructuring procedures, due to what a spokesperson termed “difficulties being experienced from the worldwide COVID-19 situation”.
Indian automotive giant Mahindra & Mahindra holds a 74.65% stake in Ssangyong, and said the loan was due to be repaid on 14 December. Ssangyong said it delayed the loan due to “worsening business conditions”, and applied for the rehabilitation procedures to stop interruptions to its business operations. ....

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Mahindra's Korean arm Ssangyong misses Rs 480 crore loan repayment to JP Morgan

Mahindra s Korean arm Ssangyong misses Rs 480 crore loan repayment to JP Morgan
SYMC has outstanding loans aggregating to around Rs 680 crore; of this, Rs 408 crore is from JP Morgan Chase Bank and Rs 68 crore from BNP Paribas and Rs 204 crore from Bank of America NS
Manoj Sharma | December 15, 2020 | Updated 16:28 IST
In April, Mahindra & Mahindra board had rejected a proposal to pump in any fresh equity in SYMC
South Korean subsidiary of Mahindra & Mahindra, Ssangyong Motor Co (SYMC), has missed repayment worth Rs 480 crore to JP Morgan Chase Bank, M&M informed via stock exchanges on Tuesday.
SYMC has outstanding loans aggregating to 100 billion Korean Won (around Rs 680 crore), Mahindra said. It said of this, Rs 408 crore is from JP Morgan Chase Bank and Rs 68 crore from BNP Paribas, Seoul, and Rs 204 crore from Bank of America NS, Seoul. ....

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