SsangYong Motor Company filed for receivership on Monday,… after failing to pay a total debt of 150 billion won, equal to 136 million US dollars.
The South Korean affiliate of Mahindra and Mahindra failed to pay 60 billion won to its foreign financial creditors and another 90 billion won to the Korea Development Bank.
According to a company statement, the decision to file receivership was inevitable,… with current debts deemed to be having a “grave” impact on its businesses during the pandemic.
This is the company’s second time placing itself in this position, after going through the same process 11 years ago.

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