SsangYong Motor Company files for bankruptcy in South Korean court 22/12/2020 in Manufacturer
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SsangYong Motor Company (SYMC) has applied for bankruptcy to South Korea’s Seoul Bankruptcy Court after the impact of the COVID-19 coronavirus pandemic left the carmaker facing financial difficulties.
The development comes a week after the OEM missed the repayment of 60 billion Korean Won to JP Morgan Chase Bank, South Korea, which was due on December 14.
An official statement published this morning (December 22) said SYMC had decided to apply for rehabilitation procedures including a Company Property Preservative Measure, a General Prohibition Order and Autonomous Restructuring Support - allowing time to agree a company restructure - following a board meeting yesterday.