Synopsis
The Korean auto major, which is 75% owned by Mahindra, is under court receivership since April after it failed to rollover loans worth $148 million from creditors such as the state-run Korea Development Bank (KDB) and several other banks.
Agencies
Cash strapped Korean car maker SsangYong Motor has put up a controlling stake for auction as it looks to bring on board a new investor to take charge of the company. SsangYong Motor is currently undergoing a court receivership process after parent company, India’s
Mahindra & Mahindra, failed to bring in a buyer over the last one year after announcing it would make no further investment in SsangYong.