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(2nd LD) Debt-laden SsangYong Motor files for court receivership – The Korea Times

(2nd LD) Debt-laden SsangYong Motor files for court receivership
December 21, 2020
Financially-troubled SsangYong Motor Co. said Monday it has filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic.
The decision comes after SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., failed to pay 60 billion won (US$54.8 million) worth of debts to its foreign creditor banks last week.
SsangYong asked the creditors to roll over the loans but failed to obtain approval from the lenders, the company said in a statement. The carmaker also failed to pay 90 billion won due on Monday to its main creditor, Korea Development Bank (KDB). ....

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