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Seoul Bankruptcy Court Revolutionizes Corporate Restructuring with Groundbreaking Program
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Korean EV company to buy SsangYong Motor: Report
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Mahindra set to announce new buyer for SsangYong next week
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SsangYong has filed for court receivership with the Seoul Bankruptcy Court after failing to repay loans of about 60 billion won (Rs 408 crore) due on December 14 to lenders including JPMorgan Chase, Bank of America and BNP Paribas.
Wikipedia
MUMBAI: Mahindra and Mahindra said that it was close to getting a buyer onboard for its ailing South Korean subsidiary SsangYong and may sign a term sheet as soon as next week.
The signing of the term sheet will mean “that the deal is more or less agreed to, but not concluded,” according to Pawan Goenka, managing director of Mahindra and Mahindra.
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SsangYong Motor said its parts delivery deadlock is showing signs of alleviating as one of the key partners resumed supply. AFP
SsangYong partially solves supply deadlock
Sun, 27 December 2020
South Korea’s SsangYong Motor, which recently filed for court receivership due to a liquidity crunch, on December 24 said its parts delivery deadlock is showing signs of alleviating as one of the key partners resumed supply.
A company official said: “Hyundai Mobis has announced that it will start supplying head lamps again, starting on December 29.”
The cash-strapped automaker had announced on December 23 that it will suspend the operation of its Pyeongtaek factory on December 24 and 28 after its suppliers refused to deliver parts.
Cash-strapped Ssangyong Motor partially solves its parts supply deadlock
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