SsangYong Motor set to go under court receivership
Posted : 2021-04-07 16:36
Updated : 2021-04-07 17:59
SsangYong Motor's Tivoli vehicles are lined up for sale in Pyeongtaek, Gyeoggi Province, in this file photo on Feb. 3. Yonhap
By Lee Min-hyung
SsangYong Motor is likely to enter court receivership as early as today, as the Korea Development Bank (KDB), the main creditor of the cash-strapped firm, is set to approve court-led restructuring after the firm failed to secure any new investments.
The move came after the ailing company de facto failed to sign an investment contract with U.S. car retailer HAAH Automotive, its latest negotiating partner, leaving the KDB with no other choice but to reach an agreement with the court over the legal procedure.