 "Ssangyong")
Mahindra & Mahindra (M&M)-owned SsangYong Motor Company (SYMC) has filed for bankruptcy. While there are enough instances of failed overseas acquisitions, the company — bought from a court receivership by an Indian company — heading back to bankruptcy after a decade is unheard of.
On Monday, SYMC intimated the Korean Stock Exchange regarding the commencement of rehabilitation procedure with the Seoul Bankruptcy Court, M&M said in a notification to the stock exchanges.
The development comes a week after the struggling automaker missed the December 14 deadline for repayment of Rs 480 crore (60 billion Korean Won) to JPMorgan Chase Bank in South
