Mahindraâs South Korean Arm SsangYong Motors Files For Court Receivership
Mahindraâs South Korean Arm SsangYong Motors Files For Court Receivership
The company filed for court receivership after defaulting on payment of up to 60 billion won (approximately Rs 400 crore).
Mahindra currently owns a 75 percent stake in SsangYong Motors.
Mahindra’s lineup includes the Alturas G4 and XUV300 based on the SsangYong G4 Rexton and Tivoli.
It s trying times on the horizon for Mahindra & Mahindra-owned SsangYong Motor Company, as the South Korean carmaker has filed for court receivership after defaulting on payment of loans up to 60 billion won (approximately Rs 400 crore). This is essentially one step short of bankruptcy under the South Korean legal system. In lieu of this, the carmaker has agreed to apply for an Autonomous Restructuring Support (ARS) programme.
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Fresh corporate bankruptcy filings for loans defaulted during the pandemic will remain suspended till the end of this fiscal, with the Centre extending the ongoing freeze. The Insolvency and Bankruptcy Code was initially suspended for six months from 25 Mar, which was then extended till 24 Dec
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