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Synopsis While Mahindra wants to sell its entire 75% stake in SsangYong Motor to the potential investor, Haah, a US automotive distributor, and some existing stakeholders want the Indian automobile manufacturer to stay in as a minority shareholder and continue to support SsangYong, sources said. Agencies According to Seoul Bankruptcy Court, Mahindra had recently repaid 30 billion won, or about $27.1 million, owed to Bank of America. MUMBAI: Talks between Mahindra & Mahindra, the largest shareholder of SsangYong Motor, and US-based Haah Automotive for sale of a controlling stake in the South Korean carmaker may have hit a roadblock owing to differences, people familiar with the talks told ET. ....
ETMarkets Morning Podcast (ETMarkets.com) 07:43 Min | January 18, 2021, 9:10 AM IST Here s a head up to some of the news we are tracking at this hour. Tune in! Tags Transcript Hi there! Welcome to ETMarkets Morning, the show about money, business and markets. I am Sandeep Singh, and here is what we have to start your day. Mt 50K may elude Sensex for now Brokerages give thumbs-up to HDFC Bank stock ELSS, NPS choicest tax-saving options AND And there is more. But first, a quick glance at the state of the markets.. Nifty futures on the Singapore Exchange traded 24 points lower at quarter past 8 O clock this morning, signalling a negative bias on Dalal Street. ....
These agreements came to light after SsangYong filed an application on December 21 for commencement of rehabilitation procedures with the Seoul Bankruptcy Court. It had failed to repay loans of about 60 billion won (Rs 408 crore) due on December 14 to lenders including JPMorgan Chase, Bank of America and BNP Paribas. ....
Bank of Korea to expand purchase of bonds for companies with low credit Posted : 2020-12-24 16:29 Updated : 2020-12-24 21:38 Min Jwa-hong, center, director general at the Bank of Korea s financial stability department, speaks during an online press conference at its headquarters in Seoul, Thursday. Courtesy of Bank of Korea By Lee Min-hyung The Bank of Korea (BOK) decided Thursday to extend its financing to a special purpose vehicle (SPV) for another six months to July 2021, a move to relieve companies with low credit from a liquidity squeeze induced by the prolonged coronavirus pandemic. The central bank set up the SPV in July 2020 with the Korean Development Bank (KDB) and the Ministry of Economy and Finance. The central bank provided loans worth 1.78 trillion won for the SPV to purchase commercial papers and corporate bonds and help companies tackle the virus shock. ....
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. ....