Financially-troubled SsangYong Motor Co. said Monday it has filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic.
In 2011, Mahindra acquired a 70 percent stake in SsangYong for 523 billion won and now holds a 74.65 percent stake in the carmaker.
If Samjong gives no opinion on SsangYong’s annual financial statements for the year, the company can appeal the decision within a week and will be given one year to improve its financial health.