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SsangYong Motor Co. has failed to repay loans worth Rs. 408 crore, which were due on December 14.
SsangYong Motor Co. has failed to repay loans worth Rs. 408 crore, which were due on December 14. The Korean carmaker has since filed an application with the Seoul Bankruptcy Court.
The application was filed under the Debtor Rehabilitation and Bankruptcy Act of South Korea for the commencement of rehabilitation procedure. The company has also applied for the Autonomous Restructuring Support (ARS) program. It is a court-designed process under which the company will be allowed to function under the supervision of its Board. The Board will also try to work out a revival package with all stakeholders.
Mahindra-Owned SsangYong Motor Company Files For Bankruptcy, Autonomous Restructuring Support
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Mahindra & Mahindra s South Korean subsidiary SsangYong Motor Company (SYMC) has filed for rehabilitation procedure with the Seoul Bankruptcy Court.
In a regulatory filing, Mahindra said that SYMC has also applied for an Autonomous Restructuring Support (ARS) programme which is a court-designed process. SYMC has today intimated to the Korean Stock Exchange, about filing an application for commencement of rehabilitation procedure with the Seoul Bankruptcy Court under the Debtor Rehabilitation and Bankruptcy Act of South Korea, it said.
It said that if the bankruptcy court approves the ARS, SYMC will continue to function under the supervision of its Board and will negotiate with stakeholders to reach an understanding about a revival package which may include equity and debt financing and other related actions.
Mahindra s South Korean arm Ssangyong Motor files for bankruptcy
Mahindra & Mahindra (M&M) informed the bourses last week that its loss-making South Korean subsidiary had missed repayments of loans aggregating to around 60 billion KRW (South Korean won), or Rs 408 crore
BusinessToday.In | December 21, 2020 | Updated 18:30 IST
The SYMC has filed an application for commencement of rehabilitation procedure under the Debtor Rehabilitation and Bankruptcy Act of South Korea, M&M stated in its BSE filing
Mahindra & Mahindra s (M&M) South Korean arm, Ssangyong Motor Co (SYMC), filed for bankruptcy in a Seoul court on Monday, December 21, the Indian conglomerate said in a regulatory filing.
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