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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. ....

Soult Ukpyolsi , South Korea , Bahram Vakil , Shin Kim , Chris Hosford , Korea Development Bank , Seoul Bankruptcy Court , Cash Strapped Korean , Ssangyong Motor , Edison Motors , தெற்கு கொரியா , பஹ்ரம் வக்கீல் , தாடை கிம் , கிறிஸ் ஹோஸ்போர்ட் , கொரியா வளர்ச்சி வங்கி , சியோல் திவால்நிலை நீதிமன்றம் , ஸ்சங்கியோங் மோட்டார் , எடிசன் மோட்டார்கள் ,

Debt-ridden SsangYong opens auction to find new buyer


Posted : 2021-06-28 11:27
The SsangYong Motor plant in Pyeongtaek / Yonhap
SsangYong Motor Corp. opened an auction for its majority stake after its Indian parent Mahindra & Mahindra failed to find a new investor for the debt-laden automaker, its lead manager said Monday.
SsangYong has been under court receivership since April, as Mahindra failed to secure a buyer for its 75 percent stake in the Korean automaker amid the prolonged COVID-19 pandemic and its worsening financial status.
In a public notice of sale, EY Han Young, an accounting firm in charge of the sale process, said it will accept letters of intent from potential buyers until the end of July and conduct preliminary reviews on them in August. ....

Soult Ukpyolsi , South Korea , Khan Young , Pyeongtaek Yonhap , Korea Development Bank , Seoul Bankruptcy Court , Automotive Holdings Inc , Ssangyong Motor Corp , Ssangyong Motor , Yong Motor , Chung Yong Won , Edison Motors , Korando Emotion , தெற்கு கொரியா , ஹான் இளம் , கொரியா வளர்ச்சி வங்கி , சியோல் திவால்நிலை நீதிமன்றம் , தானியங்கி ஹோல்டிங்ஸ் இன்க் , ஸ்சங்கியோங் மோட்டார் கார்ப் , ஸ்சங்கியோங் மோட்டார் , யோங் மோட்டார் , எடிசன் மோட்டார்கள் ,