Debt-ridden SsangYong opens auction to find new buyer koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
Posted : 2021-06-28 11:27
The SsangYong Motor plant in Pyeongtaek / Yonhap
SsangYong Motor Corp. opened an auction for its majority stake after its Indian parent Mahindra & Mahindra failed to find a new investor for the debt-laden automaker, its lead manager said Monday.
SsangYong has been under court receivership since April, as Mahindra failed to secure a buyer for its 75 percent stake in the Korean automaker amid the prolonged COVID-19 pandemic and its worsening financial status.
In a public notice of sale, EY Han Young, an accounting firm in charge of the sale process, said it will accept letters of intent from potential buyers until the end of July and conduct preliminary reviews on them in August.
KDB to discuss loan rollover for SsangYong this week koreaherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreaherald.com Daily Mail and Mail on Sunday newspapers.