Debt-ridden SsangYong Motor Co. said Tuesday it owes a total of 315.3 billion won (US$285 million) in overdue debt to financial institutions as it filed for court receivership a day earlier.
China-based SAIC Motor Corp. acquired a 51 percent stake in SsangYong in 2004 but in 2009 relinquished its control of the carmaker in the wake of the economic downturn.
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.