Mahindra's Korean subsidiary Ssangyong Motor files for bankruptcy

Move comes a week after the troubled automaker defaulted on a loan repayment to JP Morgan

Ssangyong
Premium

SYMC has also applied for an Autonomous Restructuring Support (ARS) programme which is a court-designed process

Shally Seth Mohile Mumbai
SsangYong Motor Company (SYMC), the South Korean subsidiary of Mahindra and Mahindra (M&M), on Monday informed the Korean Stock Exchange regarding the commencement of the 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 repayment of Rs 480 crore (60 billion Korean Won) to JP Morgan Chase Bank, South Korea, which was due and payable on December 14.

SYMC has also applied for an Autonomous Restructuring Support (ARS) programme which is a court-designed process, the notification said.  “If the court approves the

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Dec 21 2020 | 4:14 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com