Auto News Ssangyong FIND YOUR NEXT CAR CAR REVIEWS May 31, 2016 The company filed for Chapter 11 after defaulting on loan payments that amount to KRW 100 billion (around PhP 4.3 billion). The automaker failed to extend its deadline for repaying loans to three foreign banks - JPMorgan Chase (KRW 60 billion), BNP Paribas (KRW 10 billion), and Bank of America and BofA Securities (KRW 30 billion). Not only do they have to pay KRW 100 billion, but they also have yet to repay the KRW 90 billion to the Korean Development Bank. If they fail to pay this loan, the automaker’s arrears will balloon to KRW 190 billion, plus interest. Combined with Ssangyong facing a liquidity crisis since Mahindra pledged no new investment, Ssangyong will now only have three months to strike a deal with a potential buyer or negotiate a restructuring plan with creditors.