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SsangYong in receivership as owner Mahindra fails to find buyer
SsangYong in receivership as owner Mahindra fails to find buyer
Automaker burdened with high debt and plunging sales
Reuters
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SEOUL -- South Korea's SsangYong Motor has been put under court receivership, the Seoul Bankruptcy Court said on Thursday, in an attempt to rehabilitate the car maker after majority owner Mahindra and Mahindra failed to secure a buyer.
SsangYong applied to the court in December for receivership after it defaulted on a loan repayment.
The South Korean automaker is expected to submit a rehabilitation plan to the court by June.

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