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SsangYong UK managing director says British operations are unaffected, and the company is “open for business”
22 Dec 2020
Korean budget brand SsangYong has filed for bankruptcy after it failed to repay creditors a 60 billion won loan - roughly £40,000,000.
The company claims it has delayed the repayment due to worsening business conditions globally, and having failed to come to an agreement to extend repayment deadlines with foreign lenders has applied for receivership.
“The company plans to resolve the current liquidity issue early before the rehabilitation procedures are commenced by applying for Autonomous Restructuring Support,” read a statement.
Autonomous Restructuring Support gives the brand a further three months to agree resolutions with creditors before court action.