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Former Ford retailer Bicester Motor Company joins SsangYong franchise

Former Ford retailer Bicester Motor Company joins SsangYong franchise
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Mahindra-owned SsangYong puts controlling stake up for auction

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.

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