South Korea: Ssangyong Motor cannot repay the loan: Apply for legal management
[Soul 21st Reuters]
Korean Ssangyong Motor:
On December 21, he was unable to repay the loan of about 60 billion won ($ 54.44 million) and applied for legal management.
Large debt:
Ssangyong
BOA is about 30 billion won,
JP Morgan Chase costs 20 billion won,
BNP Paribas is 10 billion won,
We borrow from each.
Mahindra & Mahindra:
An Indian car maker has a 74.65% stake in Ssangyong.
Mahindra & Mahindra has been looking for a buyer for its shares since June.
Mahindra acquired shares in 2010, when Ssangyong was on the verge of bankruptcy.
After that, Ssangyong did not recover and had a large amount of debt.
Reuters
https://jp.reuters.com/article/mahindra-ssangyong-motor-bankruptcy-idJPKBN28V15H
South Korea’s SsangYong Motor files for receivership as it misses loan repayment
SEOUL (Reuters) –
South Korea’s SsangYong Motor Co Ltd filed for court receivership on Monday after it defaulted on loan repayment of about 60 billion won ($54.44 million),
the South Korean automaker said in a statement.
SsangYong
is burdened with high debt and its vehicle sales between January-November period fell to 96,825, down more than 20% from a year earlier, the automaker’s filing showed.
Mahindra & Mahindra
In June, an executive at Mahindra said that the Indian company was willing to let go of its ownership stake in SsangYong.
Mahindra & Mahindra shares fell 3.3% in their sharpest fall in eight weeks,
while SsangYong closed down 19.2% versus a 0.2% rise on the broader KOSPI market.
https://jp.reuters.com/article/mahindra-ssangyong-motor-bankruptcy-idINKBN28V0WW